India has set a target to achieve net zero carbon emissions by 2070, and the country's push for electric vehicles, green hydrogen and development of solar power capacity are aimed at reaching that goal. But at the same time India relies heavily on coal and fossil fuels to fulfill energy requirements, which is why higher investments are the only way to boost contribution of green power. The Union Budget for 2023 has reflected increased priority for renewable sources and clean fuels, with an eye on the future.
Under this push to cut emissions, The outlay for the National Green Hydrogen Mission has been set at Rs 19,700 crores for the transition economy's transition to low carbon. With a focus on viability gap funding for battery storage, Rs 35,000 crore priority capital has been kept for energy transition.
Apart from the focus on power generation and a boost for electric mobility, custom duty reduction on lithium ion batteries will also ensure energy storage for ensuring round-the-clock renewable power at affordable rates. The government also reiterated its commitment to generating green jobs, green growth, and promoting green business practices.
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