India's Energy Transition: Key Highlights from Budget 2024-25
Energy as a Priority Sector
The union budget 2024-25 has allocated a significant amount of funding to the energy sector, recognizing its importance in India's economic growth and sustainability goals. The government aims to achieve 50 percent of its total installed power generation capacity from renewable sources by 2030.
Financial Support for MSMEs
To support the transition to cleaner energy forms, the budget proposes financial incentives for micro, small, and medium enterprises (MSMEs). This will help MSMEs adopt sustainable technologies and reduce their carbon emissions.
Electric Vehicle Ecosystem
The government has emphasized the development of an electric vehicle (EV) ecosystem to reduce carbon emissions and enhance energy efficiency. The budget includes provisions for infrastructure development, EV manufacturing, and battery storage.
Decarbonization and Economic Growth
India is targeting a $7 trillion economy by 2032, while also prioritizing decarbonization. The budget recognizes that these goals are interconnected and seeks to create a sustainable path for economic growth.
Key Commitments
The budget includes several key commitments, including: * Generating 500 gigawatts (GW) of renewable energy by 2030 * Promoting green hydrogen production * Establishing a National Green Hydrogen Mission * Expanding the National Solar Mission and the National Wind Power Mission
Comments