In keeping with the government’s goal of tripling the amount of green energy capacity to 500 GW by 2030, the renewable energy industry might benefit from the impending interim budget. Following their meetings with government officials, business leaders expressed optimism about more funding, especially for renewable energy sources including wind, solar, and bioenergy. They also anticipated larger budgetary capital expenditures for infrastructure related to battery storage and green hydrogen.
Furthermore, it is anticipated that the current programs—such as the viability gap support for battery storage and the Production Linked Incentive for renewable manufacturing—will be expanded. The Indian Biogas Association anticipates that the interim budget would address the issue of finding affordable financing for renewable energy projects by utilizing carbon credits and green bonds.
The government had up Rs 19,700 crore for the Green Hydrogen Mission in the 2023 Budget with the goal of producing 5 million metric tons of green hydrogen annually by 2030. In addition, Rs 35,000 crore was set aside for important capital projects related to the energy transition and the achievement of net-zero goals by 2070. As the globe concentrates on tripling its use of green energy, the industry anticipates an increased financial push to the sector this year as well.
The government had up Rs 19,700 crore for the Green Hydrogen Mission in the 2023 Budget with the goal of producing 5 million metric tons of green hydrogen annually by 2030. In addition, Rs 35,000 crore was set aside for important capital projects related to the energy transition and the achievement of net-zero goals by 2070. As the globe concentrates on tripling its use of green energy, the industry anticipates an increased financial push to the sector this year as well.
The storage of renewable energy and its constant availability is a crucial aspect of the RE industry that has drawn the attention of stakeholders and the government. The sector is seeking for legislative incentives to address the issue, as many players are now concentrating on increasing storage capacity.
In an effort to reach its lofty goals, the government has also concentrated on increasing the capacity of domestic production of capital goods like solar modules needed in RE capacities. Therefore, it is acceptable to applaud a significant push for innovation and domestic production through strategic initiatives.
