Budget 2024 & Sustainability: A slew of initiatives, kicked off by the interim budget 2023–24, promise to accelerate India's low-emission journey and promote the adoption of solar power
During her Budget 2024 speech, Indian Finance Minister Nirmala Sitharaman announced a plan to solarise the rooftops of 10 million households with the rooftop solar initiative. This will save households up to Rs 18,000 annually from selling surplus solar electricity to distribution companies.
The government will also mandate the phased blending of compressed biogas (CBG) with compressed natural gas (CNG) for transport and natural gas (PNG) for domestic purposes.
To achieve net-zero carbon emissions, the government will provide viability gap funding for harnessing offshore wind energy potential with an initial capacity of one gigawatt. This is part of India's commitment to achieving net-zero emissions by 2070 and having 50 percent of its electricity capacity come from non-fossil fuel sources by 2030.
According to the statistics of the IREA, India ranks fourth in renewable energy installed capacity, fourth in wind power capacity, and fifth in solar power capacity globally.
Saurabh Kumar, Vice President, India, Global Energy Alliance for People and Planet (GEAPP), praised the interim Union Budget 2024 as a significant milestone in India's journey to a net-zero economy by 2070.
He also commended the government's vision of Viksit Bharat, anchored on pillars of energy security and accessible, affordable, and clean energy.
Kumar added that the rooftop solar scheme marks a significant milestone for scaling India's clean energy ambitions.
The push for Electric Vehicle (EV) ecosystem creation and the large-scale roll-out of e-buses through payment security mechanisms will decarbonise the mobility sector while propelling India as a potential EV manufacturing hub.
The INR 1 lakh crore corpus announcement is a remarkable step to attract private investment in innovation, research, and development in the clean energy sector.