The Union Budget is supporting the renewable energy sector with doubling allocation for last year, said Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Shri Pralhad Joshi in the workshop “Unlocking Value from Carbon Markets: Accelerating Green Hydrogen and Clean Energy” which was initiated for boosting renewable energy sources in New Delhi. The Minister mentioned the Union Budget supporting renewable and especially the solar industry to fulfil the commitments made by the government .
India has a huge renewable energy potential of 2,109 GW from solar, wind, hydro, and biomass sources. The country is determined to make a significant shift towards cleaner energy.
Further, the ministry highlighted some key policies, including moving hard-to-abate from energy efficiency targets to emission targets. Converting the Indian Carbon Market and motivating them to adopt cleaner technologies, Joshi explained.
Shri Pralhad Joshi also explained some changes in custom duties which can increase efficiency in domestic manufacturing of solar cells and solar panels. Taking measures will build India’s position in the world renewable energy market and will further promote self-reliance in clean energy technologies.
The Minister outlined the country’s ambitious goals of the National Green Hydrogen Mission to produce green hydrogen with a budget of about Rs 19,744 crores. This mission includes substantial incentives for the manufacturing of domestic electrolysers and production of green hydrogen with the nation aiming to become a major exporter in this field.
Shri Joshi also addressed the development of the Indian Carbon Market (ICM), describing it as a national framework for decarbonizing the economy. This initiative will make an economic internet with environmental targets to play an important role in putting efforts into climate change.
Source : https://pib.gov.in/PressReleseDetail.aspx?PRID=2037088
