Green found prominence in the Union Budget 2023-24 that finance minister Nirmala Sitaraman presented on Wednesday, January 31, in parliament. Green growth – from green credits to green energy to green mobility to green farming – was among the seven main priorities that made it to the Budget this year.
The Indian government announced its new budget on Wednesday, which allocates $2.4 billion to create a green hydrogen industry in the country. The fuel is considered key to moving away from fossil fuels in hard-to-decarbonize sectors, and has garnered big investment around the world in recent years. The World's environment correspondent Carolyn Beeler reports.
The high goals of the recently approved National Green Hydrogen Mission are necessary to project India as an export hub and attract global investors, said experts.
In the shadow of a retired coal-fired power plant in India's capital, Meena Devi tries to make her family home -- four brick walls with a tin roof -- a safe place to breathe.
India has been racing to meet its ambitious clean energy commitments, post the Paris Agreement in 2015. The ambitions have been backed by strong policy support which in turn has transformed the country’s energy market and pushed India among the top countries in terms of clean energy adoption.
Nagpur: India’s subsidies for renewable energy and electric vehicles more than doubled this fiscal, according to a new study by independent think-tank International Institute for Sustainable Development (IISD). However, it also found that it will be critical for the government to build this momentum over the coming years to reach the country's climate targets.
According to a recent study conducted by IISD (International Institute for Sustainable Development) subsidies for renewable energy and EVS in India have more than doubled in FY 2022. India still allocated four times more support to fossil fuels than clean energy, although the gap narrowed significantly since FY 2021 when support was nine times greater.
A recent study conducted by the International Institute for Sustainable Development (IISD) shows that subsidies for renewable energy and electric vehicles have more than doubled in FY22 at Rs 2,358 crore, when compared to FY21. The rise in EV subsidies is being attributed to growing stability in policies, post-COVID economic resurgence and the increased uptake of EVs that has encouraged growing subsidies on such vehicles.
India's subsidies for renewable energy and electric vehicles more than doubled in FY 2022, but it will be critical for the government to build this momentum over the coming years to reach the country's climate targets, a new study by the International Institute for Sustainable Development (IISD) said on Tuesday.
Tracking government support for energy
Mapping India’s Energy Policy 2022 (Update) presents the latest estimates of government support for fossil fuels, renewable energy, and electric vehicles in India, extending the data to include FY 2022 for the first time. It covers fiscal years 2014–2022.
Subsidies for renewable energy doubled in FY 2022, the first increase since FY 2017.
India provided at least INR 5 lakh crore (USD 68 billion) to support the energy sector in FY 2022, including over INR 2.25 lakh crore (USD 30 billion) in the form of subsidies.
Subsidies for fossil fuels remained over four times higher than subsidies for clean energy in FY 2022.
India’s energy sector is changing rapidly in response to increasing demand, the rise of clean energy, and the energy security imperative. Government policies—particularly financial support—are hugely influential in determining how the sector develops, including the direction of private sector investments, energy access, and the benefits and costs for the people of India. Mapping India’s Energy Policy is a resource to help the Government of India and others make the energy sector more equitable, secure, and aligned with the government’s target to achieve net-zero emissions by 2070.