Net-Zero Goal: India To Provide Viability Gap Funding For Offshore Wind Energy Projects
India aims to achieve net-zero emissions by 2070 and increase non-fossil fuel-based energy resources to 50% by 2030.
In an effort to achieve net-zero carbon emissions, India will provide viability gap funding for harnessing offshore wind energy potential for an initial capacity of one gigawatt, Finance Minister Nirmala Sitharaman said on Thursday.
In her pre-election budget speech, Sitharaman also mentioned that the government will make phased blending of compressed biogas in compressed natural gas for transport and natural gas for domestic purposes mandatory.
India has committed to achieving net-zero emissions (a balance between greenhouse gases emitted and removed from the atmosphere) by 2070 and 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
According to India's third national communication submitted to the United Nations Framework Convention on Climate Change in December 2023, the country reduced its GDP emission intensity by 33% between 2005 and 2019, achieving the target 11 years in advance.
The energy sector accounted for the maximum share of anthropogenic emissions (75.81%), followed by agriculture (13.44%), Industrial Process and Product Use (8.41%) and waste (2.34%), according to the document.
The fast-growing South Asian nation will also set up coal gasification and liquefaction capacity of 100 MT by 2030, aiming to reduce imports of natural gas, methanol and ammonia.
The finance minister said that financial assistance would be provided for the procurement of biomass aggregation machinery to support collection.
The government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through the payment security mechanism.
India will also launch a new scheme of bio-manufacturing and bio-foundry to provide environmentally friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and bio-agri-inputs, Sitharaman said.
"This scheme will also help in transforming today's consumptive manufacturing paradigm to the one based on regenerative principles," she said.
The government has provided 10 crore LPG connections under the Pradhan Mantri Ujjwala Yojana in the last 10 years.
In an effort to promote electrical efficiency, a total of 36.9 crore LED bulbs, 72.2 lakh LED tube lights, and 23.6 lakh energy-efficient fans have been distributed under the UJALA scheme, and 1.3 crore LED street lights have been installed under the Street Light National Programme.
