Rs 35K crore to power energy transition

Tribune News Service

New Delhi, February 1

Aiming to introduce green energy initiatives in the Indian economy across multiple sectors, Finance Minister Nirmala Sitharaman announced a slew of measures to push ‘Green Growth,’ and listed it as one of the seven priorities of the government in the Budget.

Among the key projects is ‘Battery Energy Storage Systems’, with capacity of 4,000 MW. The project will be supported with viability gap funding. Leading companies in the US and Europe have already developed such systems and some initial work is on in India too. An interstate transmission system for evacuation and grid integration of 13 Gigawatt renewable energy from Ladakh with Rs 20,700 crore investment (that includes Rs 8,300 crore central support) was also announced.

The Budget provided Rs 35,000 crore for priority capital investment toward energy transition, net zero objectives and energy security to be implemented by the Union Ministry of Petroleum and Natural Gas. The government also allocated a sum of Rs 500 crore for the green energy corridor that include capacity addition under the intra-state green corridor project.

Some projects of the Metros and Indian Railways will be covered under the sovereign green fund. This fund was announced last year as a new avenue to finance climate targets and green ambitions.

Replacing old polluting vehicles was an important part of greening the economy. “I have allocated adequate funds to scrap the old vehicles of the Central Government. States will also be supported in replacing old vehicles and ambulances,” Sitharaman said during her Budget speech.

For Green Growth

• Among key projects is ‘Battery Energy Storage Systems’ with 4,000 MW capacity
• Rs 35,000 cr is for priority capital investment towards energy transition, net zero objectives and energy security
• Rs 500 cr for green energy corridor that includes intra-state capacity addition
• MSMEs will be provided green and sustainable manufacturing technology
• Green hydrogen mission has been allocated Rs 297 crore
• Some Metro and railway projects to be covered under the sovereign green fund

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