Indian budget will fund solar panels and bio-plastics

02 February 2024 16:41

GBI

New Delhi - The Indian government’s proposed budget for the 2024-2025 years contains a raft of green measures. This includes funding for rooftop solar panels for 10 million households, offshore wind energy as well as environmentally friendly alternatives to fossil-based plastics.

Ten million households in India will receive as much as 300 units of electricity for free every month through a rooftop solar panel campaign funded in the country’s proposed budget for the 2024-2025 fiscal year.

The rooftop solarization program will help households save as much as 18,000 rupees (€200) annually from free solar power as well as selling power they generate on their rooves to local utilities.

The program will also help more Indians charge their electric vehicles and create entrepreneurship and employment opportunities for Indians who can manufacture, supply, install, and maintain the rooftop panel, said a government press release issued on February 1.

“Our government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure,” said Union Minister for Finance and Corporate Affairs Nirmala Sitharaman.

The rooftop solar announcement was one of many green initiatives in Prime Minister Narendra Modi’s new Rs 47.66 lakh crore (€5.3 trillion) budget, which aims to help the country hit its target of achieving net zero emissions of greenhouse gases that cause climate change by 2070. 

The budget also boosts funding for harnessing offshore wind energy to produce an additional 1 gigawatt of energy with this renewable energy source; gasifying and liquifying 100 metric tons of coal by 2030 to reduce carbon imports; gradually mandating blending of compressed biogas, compressed natural gas, and piped natural gas; biomass aggregation machinery; and a new payment mechanism to promote e-bus ridership in public transportation systems.

In addition, the budget will finance the launch of a new scheme of biomanufacturing and bio-foundry. The scheme will promote biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs and the like as environmentally friendly alternatives to fossil-based plastic. “This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles”, according to the Finance Minister. ce/jd 

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