{"id":25796,"date":"2024-02-15T10:46:01","date_gmt":"2024-02-15T05:16:01","guid":{"rendered":"https:\/\/www.greenworldinvestor.com\/?p=25241"},"modified":"2024-02-15T10:46:01","modified_gmt":"2024-02-15T05:16:01","slug":"indias-budget-and-its-impact-on-renewable-energy-and-cleantech-2024","status":"publish","type":"post","link":"https:\/\/iiec-india.org\/greenworld\/2024\/02\/15\/indias-budget-and-its-impact-on-renewable-energy-and-cleantech-2024\/","title":{"rendered":"India&#8217;s Budget and Its Impact on Renewable Energy and Cleantech &#8211; 2024"},"content":{"rendered":"<p style=\"text-align: justify;\" data-sourcepos=\"3:1-3:185\"><strong>India&#8217;s commitment to fighting climate change gained momentum in 2023 with its G20 presidency, the Clean Energy Ministerial, and investments in its previous Union Budget.<\/strong> This trend continues in the recent <strong>interim budget 2024<\/strong> but with some notable shifts and ongoing challenges.<\/p>\n<p class=\"pending\" style=\"text-align: justify;\" data-sourcepos=\"1:1-1:66\">This\u00a0article highlights key points from India&#8217;s recent budget related to renewable energy and cleantech advancements.<\/p>\n<p style=\"text-align: justify;\" data-sourcepos=\"5:1-5:15\"><strong>Key themes:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"7:1-7:37\">\n<li data-sourcepos=\"7:1-7:37\"><strong>Increased focus on solar power:<\/strong>\u00a0Aligning with national projections,\u00a0the budget prioritizes solar power over wind energy for future growth.<\/li>\n<li data-sourcepos=\"8:1-8:50\"><strong>Shift in electric vehicle strategy:<\/strong>\u00a0Emphasis moves from consumer subsidies to strengthening the manufacturing ecosystem.<\/li>\n<li data-sourcepos=\"9:1-9:105\"><strong>Railway electrification on track:<\/strong>\u00a0Indian Railways remain committed to full electrification by 2030,\u00a0supporting their net-zero target.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"5:1-5:16\"><strong class=\"pending\">Solar Power:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"7:1-10:0\">\n<li class=\"pending\" data-sourcepos=\"7:1-7:77\"><span class=\"pending\">Investment in solar power skyrocketed,<\/span><span class=\"pending\">\u00a0increasing by 81% from 2021 to 2023.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"8:1-8:128\"><span class=\"pending\">A new scheme targets <a href=\"https:\/\/www.greenworldinvestor.com\/2024\/02\/12\/pradhan-mantri-suryodaya-yojana-2024-bringing-sunlight-to-every-home\/\" target=\"_blank\" rel=\"noopener\">10 million solar-powered households<\/a>,<\/span><span class=\"pending\">\u00a0promising free electricity and potential income from surplus energy.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"9:1-10:0\"><span class=\"pending\">The goal is to reach 40 GW of sanctioned solar installations by 2026.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.greenworldinvestor.com\/wp-content\/uploads\/2012\/12\/India_solar-310x224-300x216.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9698\" src=\"https:\/\/www.greenworldinvestor.com\/wp-content\/uploads\/2012\/12\/India_solar-310x224-300x216.jpg\" alt=\"Solar India\" width=\"300\" height=\"216\" \/><\/a><\/p>\n<p style=\"text-align: justify;\" data-sourcepos=\"11:1-11:13\"><strong class=\"pending\">Biofuels:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"13:1-16:0\">\n<li class=\"pending\" data-sourcepos=\"13:1-13:57\"><span class=\"pending\">Mandatory blending of biogas in natural gas is planned.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"14:1-14:102\"><span class=\"pending\">A new bio-manufacturing and bio-foundry scheme focuses on sustainable alternatives like bioplastics.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"15:1-16:0\"><span class=\"pending\">Increased funding for biomass collection and biopower programs.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"17:1-17:13\"><strong class=\"pending\">Hydrogen:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"19:1-21:0\">\n<li class=\"pending\" data-sourcepos=\"19:1-19:109\"><span class=\"pending\">Allocation for the National Hydrogen Mission doubled,<\/span><span class=\"pending\">\u00a0reflecting ambitions to become a global hydrogen hub.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"20:1-21:0\"><span class=\"pending\">Incentives for electrolyzer manufacturing and green hydrogen production continue.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"22:1-22:15\"><strong class=\"pending\">Wind Power:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"24:1-26:0\">\n<li class=\"pending\" data-sourcepos=\"24:1-24:77\"><span class=\"pending\">Wind power allocation decreased,<\/span><span class=\"pending\">\u00a0suggesting a shift in focus towards solar.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"25:1-26:0\"><span class=\"pending\">Viability gap funding provided for an initial 1 GW of offshore wind capacity.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"27:1-27:37\"><strong class=\"pending\">Transport Sector Electrification:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"29:1-32:0\">\n<li class=\"pending\" data-sourcepos=\"29:1-29:107\"><span class=\"pending\">The electric vehicle subsidy program was reduced by 48%,<\/span><span class=\"pending\">\u00a0while incentives for automobile manufacturing increased.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"30:1-30:88\"><span class=\"pending\">Significant funding was allocated for electric buses and public transport electrification.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"31:1-32:0\"><span class=\"pending\">Investment in advanced battery storage technology amplified.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"33:1-33:22\"><strong class=\"pending\">Other Initiatives:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"35:1-40:0\">\n<li class=\"pending\" data-sourcepos=\"35:1-35:51\"><span class=\"pending\">Rural electrification program nearing completion.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"36:1-36:59\"><span class=\"pending\">LPG subsidies continue for cleaner cooking fuel adoption.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"37:1-37:73\"><span class=\"pending\">Energy efficiency funding was reduced,<\/span><span class=\"pending\">\u00a0but locomotive upgrades were prioritized.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"38:1-38:87\"><span class=\"pending\">Nuclear power allocation doubled,<\/span><span class=\"pending\">\u00a0with emphasis on new projects and fuel fabrication.<\/span><\/li>\n<li class=\"pending\" data-sourcepos=\"39:1-40:0\"><span class=\"pending\">Sovereign green bonds to raise funds for sustainable projects.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"41:1-41:161\"><strong class=\"pending\">Overall, the budget emphasizes India&#8217;s commitment to clean energy transition, with a strong focus on solar power, biofuels, hydrogen, and electric mobility.<\/strong><\/p>\n<p style=\"text-align: justify;\" data-sourcepos=\"11:1-11:33\"><strong>Challenges and uncertainties:<\/strong><\/p>\n<ul style=\"text-align: justify;\" data-sourcepos=\"13:1-15:0\">\n<li data-sourcepos=\"13:1-13:176\"><strong>Financing and execution of the &#8220;just transition&#8221;:<\/strong>\u00a0Ensuring a smooth transition for workers and communities affected by decarbonization needs careful planning and funding.<\/li>\n<li data-sourcepos=\"14:1-15:0\"><strong>Interim nature of the budget:<\/strong>\u00a0All eyes are on the post-election general election budget for a more comprehensive long-term roadmap.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\" data-sourcepos=\"41:1-41:161\">Despite these considerations, increased allocations for energy transition mark a positive step towards securing India&#8217;s energy independence and tackling climate change. The coming months will reveal how these steps translate into concrete action.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s commitment to fighting climate change gained momentum in 2023 with its G20 presidency, the Clean Energy Ministerial, and investments in its previous Union Budget. This<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":9698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","footnotes":""},"categories":[28,30,40,45],"tags":[6294,6295,6296,6297],"class_list":["post-25796","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-greeninvest","category-india-green-stocks-greeninvest","category-renewable-energy","category-solar-renewable-energy-greeninvest","tag-challenges-and-uncertainties-interim-budget-2024-clean-energy","tag-indias-budget-and-its-impact-on-renewable-energy-and-cleantech-2024","tag-interim-budget-2024","tag-interim-budget-2024-clean-energy-focus"],"_links":{"self":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/25796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/comments?post=25796"}],"version-history":[{"count":0,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/25796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/media\/9698"}],"wp:attachment":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/media?parent=25796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/categories?post=25796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/tags?post=25796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}