Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

As the global urgency to combat climate change intensifies, all eyes are on India's Budget 2024, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year.

India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving net-zero carbon emissions by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts!

Rooftop Solarisation

One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power.

Electric Vehicle (EV) Ecosystem

Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of electric vehicles, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly.

Offshore Wind Energy

Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on renewable energy and reducing our fossil fuel dependency.

National Green Hydrogen Mission

The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes.

Coal Gasification and Liquefaction

Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions.

Bioenergy and Biomass Aggregation

Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream.

Research and Development (R&D)

In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&D for emerging green technologies. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future.

By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.