India

Prime Minister Modi praises the nation’s green energy potential

Prime Minister Narendra Modi stated on Thursday that the business potential for India’s private sector in solar, wind, and biogas energy is comparable to that of a gold mine or an oil field, and he emphasised that renewable energy sources could create a substantial number of green jobs in the coming years.

Prime Minister Narendra Modi stated on Thursday that the business potential for India’s private sector in solar, wind, and biogas energy is comparable to that of a gold mine or an oil field, and he emphasised that renewable energy sources could create a substantial number of green jobs in the coming years.

Modi addressed stakeholders, including prominent industrialists, experts, and state government officials, during a post-Budget webinar centred on Green Growth – the first in a series of 12 such post-Budget events being organised by the government for effective implementation of the initiatives announced in the Union Budget 2023.

“The potential of solar, wind, and biogas segments in India is comparable to any gold mine or oil field for our private sector,” stated Modi.

Also, the Prime Minister urged global investment in India’s green energy sector.

“India’s leadership in renewable energy generation can facilitate the global energy transition. This year’s budget will assist India in becoming a global leader in the green energy sector. So, I am encouraging all major energy industry stakeholders to invest in India now. The global supply networks for renewable energy are broadening. I hope to entice green investors to consider the prospects in India with this budget. The budget would also assist green energy start-ups, according to Modi.

India is becoming one of the fastest-growing global economies in the renewable energy sector, according to him. “Our track record demonstrates that when we set a renewable energy goal for ourselves, we exceed it. More than 40 percent of our total built energy capacity is derived from non-fossil fuel sources, nine years ahead of schedule,” he stated.

On February 6, India initiated a gradual rollout of E20 fuel. This mixture contains 20% ethanol and 80% fossil fuel. The country boosted the percentage of ethanol in mixed gasoline from 1.53 percent in 2013-14 to 10.17 percent in 2022, and currently aims to reach 20 percent blending by 2025-26.

Modi stated that India is committed to achieving a green transition, which is evident in the Union budgets given beginning in 2014 onwards.

“The budgets of India after 2014 follow a distinct pattern. Our government has not only addressed current issues, but also provided solutions for the future and changes for the twenty-first century. Modi stated that India has a three-pronged approach for green growth and energy transition: expanding renewable energy generation, decreasing fossil fuel use in the economy, and fast transitioning to a gas-based economy.

He noted schemes such as PM Kusum (to enable farmers to install solar power generation capacity for irrigation) and solar power initiatives mentioned in Union budgets during the past few years, and stated that the 2023-24 Budget has pushed the idea one step further.

“This year, we have also given the industry with a green credit programme, PM Pranam for farmers, the Gobardhan scheme for villages, and a car scrapping policy for urban areas.” From green hydrogen to wetland conservation, the budget addresses everything. Modi stated that the budget’s emphasis on green growth primarily takes into account the security and prosperity of our future generation.

In her Budget speech, finance minister Nirmala Sitharaman identified “green growth” as one of four transformative chances for India in the years leading up to 2047, the country’s centennial year of independence. The other three were women’s economic empowerment, traditional craftsmen’ integration into the MSME sector, and tourism.

The budget allocated 35,000 crore for the petroleum and natural gas ministry’s priority capital investments for net zero transition and energy security.

India formally revised its nationally determined contribution (NDC) to combat the climate crisis last August, confirming to the United Nations Framework Convention on Climate Change that it will reduce the emissions intensity of its Gross Domestic Product (GDP) by 45 percent from 2005 levels by 2030, and source approximately 50 percent of its energy demand from non-fossil fuel-based sources by the same date. India also emphasised that its NDC will contribute to the long-term objective of achieving net-zero emissions by 2070.

“The Budget will result in substantial employment growth via the green economy. Support for a variety of industries, including green hydrogen, bio-manure, off-grid solar, and storage, will generate economic prospects for entrepreneurs and job seekers. Intriguingly, the budget allocates a sizeable sum to evacuation and grid integration facilities for Ladakh’s utilisation of its renewable energy potential. Vaibhav Chaturvedi, Fellow, Council on Energy, Environment, and Water (CEEW), stated on February 1 following the union budget, “We expect this to stimulate the economic development of this region.”

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