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India allocates $4.3b for energy transition

The country aims to reach net-zero carbon emissions by 2070.

India’ is providing around $4.3b (INR350b) for priority capital investments to drive the energy transition and net-zero objectives, as well as energy security by the Ministry of Petroleum & Natural Gas under the Budget 2023-2024, said Finance Minister Nirmala Sitharaman.

The country is targeting to achieve net-zero carbon emissions by 2070.

Aside from this, Sitharaman said that a 4,000 megawatt-hour battery energy storage system will be supported with viability gap funding, and a framework for pumped storage projects will also be crafted.

READ MORE: Renewable energy use may become mandatory for some Indian sectors

As part of the country’s green growth, the Inter-state transmission for evacuation and grid integration of 13 gigawatts from Ladakh will also be developed. It will have an investment of $2.5b (INR207b), including a $1b (INR83b) in central support.

The minister also noted the launch of the national Green Hydrogen Mission with an outlay of $2.4b (INR197b), with a target of reaching an annual production of five million metric tons by 2030.

$1 = INR81.75

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