India’s 2024 budget unveils strategies to fasten net zero emissions goal
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During India’s Budget 2024 speech, Finance Minister Nirmala Sitharaman announced plans to make 10 million households’ rooftops solar-powered. She also mentioned offering funding to tap into offshore wind energy, starting with one gigawatt capacity, in a move to accelerate the country towards its net zero carbon emissions goal.
Sitharaman also mentioned the gradual blending of compressed biogas into compressed natural gas for transportation and domestic use.
India targets net-zero emissions by 2070 and aims for 50% non-fossil fuel-based electric power by 2030.
According to the International Renewable Energy Agency, India ranks fourth globally in renewable energy, including wind and solar power capacities.
Saurabh Kumar, Vice President India, Global Energy Alliance for People and Planet (GEAPP) said, “The interim Union Budget 2024 not only signifies a landmark in India’s journey to a net-zero economy by 2070 but reflects the government’s vision of Viksit Bharat, which anchors on pillars of energy security and accessible, affordable clean energy.”
Sitharaman also introduced Blue Economy 2.0, aimed at supporting climate-ready projects and sustainable growth in coastal regions.
The program will focus on restoring and adapting coastal areas and expanding activities like aquaculture, using a combined and multi-industry method.
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