AP

India’s finance minister announces new clean energy funds

Feb 1, 2023, 2:55 AM | Updated: 6:16 am

A worker makes arrangements of solar cells at Premier Energies Solar on the outskirts of Hyderabad,...

A worker makes arrangements of solar cells at Premier Energies Solar on the outskirts of Hyderabad, India, Wednesday, Jan. 25, 2023. (AP Photo/Mahesh Kumar A.)

(AP Photo/Mahesh Kumar A.)

BENGALURU, India (AP) — Indian finance minister Nirmala Sitharaman announced several new clean energy initiatives in the government’s annual federal budget speech on Wednesday, saying “green growth” is a top priority for the country.

More than $8 billion dollars were announced for projects like mangrove restoration which help suck carbon dioxide out of the atmosphere, converting waste into biogas and speeding up renewable energy initiatives. But details of how the funds will be spent are yet to be disclosed.

The minister said the injection of 35,000 crore rupees ($4.3 billion) into India’s energy transition will be channeled through the ministry of petroleum and natural gas to help India reach its goal of net zero emissions by 2070. India is currently the world’s third highest-emitting nation.

The new funds form part of the government’s $550 billion budget aimed at ramping up spending to spur economic growth and create jobs ahead of the general election next year. Sitharaman mentioned the scaling up of clean energy for the economy and jobs within the first few minutes of her speech.

Sitharaman also proposed government incentives for energy storage systems in India that would aid round-the-clock renewable energy use and announced a new framework for pumped storage systems for hydropower.

She set out an additional 20,700 crore rupees ($ 2.5 billion) to facilitate new clean energy production in the Himalayan region of Ladakh, where electricity grid infrastructure remains a key sticking point.

Other programs to incentivize the use of alternative, less-polluting fertilizers and to cut down on chemical fertilizers were also announced, but details of how much will be spent were unclear.

Import taxes for components required to produce lithium-ion batteries, a key component in many electric vehicles, will be slashed, Sitharaman said. But no exemption was provided for protective taxes in the solar power sector.

The budget will now be debated by both houses of parliament before it can be enacted, which is likely to happen as Modi’s party holds a strong majority.

The move toward clean energy and away from fossil fuels has increasingly become a priority for India and nations around the world as countries try and limit global warming.

India’s government recently announced a green hydrogen initiative for clean fuel and a climate action program to encourage more sustainable lifestyles. But the country is still heavily dependent on planet-warming coal burning for its energy needs.

___

Associated Press climate and environmental coverage receives support from several private foundations. See more about AP’s climate initiative here. The AP is solely responsible for all content.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


              A worker makes arrangements of solar cells at Premier Energies Solar on the outskirts of Hyderabad, India, Wednesday, Jan. 25, 2023. (AP Photo/Mahesh Kumar A.)
            
              Indian Finance Minister Nirmala Sitharaman, poses for the media holding a pouch containing a digital tablet as she leaves her office along with her colleagues for President's house before presenting the federal budget for the financial year 2023-24  in the Parliament in New Delhi, India, Wednesday, Feb. 1 2023. (AP Photo/Manish Swarup)
            
              Indian Finance Minister Nirmala Sitharaman, in red, poses for the media holding a pouch containing a digital tablet as she leaves her office along with her colleagues for President's house before presenting the federal budget for the financial year 2023-24  in the Parliament in New Delhi, India, Wednesday, Feb. 1 2023. (AP Photo/Manish Swarup)
            
              Indian Finance Minister Nirmala Sitharaman, leaves her office for President's house before presenting the federal budget for the financial year 2023-24 in the Parliament in New Delhi, India, Wednesday, Feb. 1 2023. (AP Photo/Manish Swarup)
            
              Indian Finance Minister Nirmala Sitharaman, in red, leaves her office for President's house before presenting the federal budget for the financial year 2023-24 in the Parliament in New Delhi, India, Wednesday, Feb. 1 2023. (AP Photo/Manish Swarup)

AP

Sen. Tommy Tuberville, R-Ala., listens to a question during a news conference, March 30, 2022, in W...

Associated Press

Tuberville is ending blockade of most military nominees, clearing way for hundreds to be approved

Sen. Tommy Tuberville announced Tuesday that he's ending his blockade of hundreds of military promotions, following heavy criticism.

21 minutes ago

An employee works inside the Hanwha Qcells Solar plant on Oct. 16, 2023, in Dalton, Ga. On Tuesday,...

Associated Press

US job openings fall to lowest level since March 2021 as labor market cools

U.S. employers posted 8.7 million job openings in October, the fewest since March 2021, in a sign that hiring is cooling.

1 hour ago

Megyn Kelly poses at The Hollywood Reporter's 25th annual Women in Entertainment Breakfast, Dec. 7,...

Associated Press

The fourth GOP debate will be a key moment for the young NewsNation cable network

By airing the fourth Republican presidential debate, NewsNation network will almost certainly reach the largest audience in its history.

2 hours ago

Lead water pipes pulled from underneath the street are seen in Newark, N.J., Oct. 21, 2021. (AP Pho...

Associated Press

Biden to require cities to replace harmful lead pipes within 10 years

The Biden administration has previously said it wants all of the nation's roughly 9 million lead pipes to be removed, and rapidly.

5 days ago

Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2...

Associated Press

Meta shuts down thousands of fake Facebook accounts that were primed to polarize voters ahead of 2024

Meta said it removed 4789 Facebook accounts in China that targeted the United States before next year’s election.

5 days ago

A demonstrator in Tel Aviv holds a sign calling for a cease-fire in the Hamas-Israel war on Nov. 21...

Associated Press

Hamas releases a third group of hostages as part of truce, and says it will seek to extend the deal

The fragile cease-fire between Israel and Hamas was back on track Sunday as the first American was released under a four-day truce.

10 days ago

Sponsored Articles

Follow @KTAR923...

The 2023 Diamondbacks are a good example to count on the underdog

The Arizona Diamondbacks made the World Series as a surprise. That they made the playoffs at all, got past the Milwaukee Brewers in the NL Wild Card round, swept the Los Angeles Dodgers in the NLDS and won two road games in Philadelphia to close out a full seven-game NLCS went against every expectation. Now, […]

Follow @KTAR923...

West Hunsaker at Morris Hall supports Make-A-Wish Foundation in Arizona

KTAR's Community Spotlight this month focuses on Morris Hall and its commitment to supporting the Make-A-Wish Foundation in Arizona.

...

Midwestern University

Midwestern University: innovating Arizona health care education

Midwestern University’s Glendale Campus near Loop 101 and 59th Avenue is an established leader in health care education and one of Arizona’s largest and most valuable health care resources.

India’s finance minister announces new clean energy funds