Nirmala Sitharaman, the Union's finance minister, unveiled an rs 350 billion investment in the country's switch to greener energy.
India's goal of achieving net zero carbon emissions by 2070 requires a priority capital investment of Rs 350 billion, Sitharaman explained.
To minimize carbon intensity and the use of fossil fuels, Sitharaman also promised an additional Rs 197 billion for the government's Green Hydrogen Mission. She also stated a target of five million tons for the production of renewable hydrogen by 2030.
By 2070, India plans to have net-zero carbon emissions. The Green Hydrogen Mission, which will receive an investment of Rs 197 billion, will accelerate the transition to low carbon intensity and reduce dependence on fossil fuels.
The National Green Hydrogen Mission was approved by the government on January 4, 2023, with an initial investment of Rs 197.44 billion. The objectives of the mission are to make India an energy-independent nation and decarbonise key industries.
According to her, the Center also supports the installation of 4,000 MwH of battery energy storage, and a notification of the Environmental Protection Act will also include a green credit program.