The government of India has committed to helping get 4,000MWh of battery storage projects built in its national budget and said it will come up with support mechanisms for pumped hydro.
Finance Minister Nirmala Sitharaman presented the Union Budget 2023-2024 today, with ‘Green Growth’ one of its seven main priorities, along with things like reform and support of the finance sector, inclusive development and ramping up “investments in infrastructure and productive capacity”.
Through that Green Growth priority agenda, IR350 billion (US$4.28 billion) will be provided for the Ministry of Petroleum and Natural Gas’ capital investments into energy transition and net zero agenda projects.
Sitharaman also reaffirmed India’s commitment to its National Green Hydrogen Mission, which follows on from a similar successful scheme for solar PV. IR197 billion (US$2.4 billion) will be invested in the hydrogen mission, with India targeting annual production of 5 million tonnes of green hydrogen by 2030.
There will also be significant financial support for interstate transmission projects to transmit 13GW of renewable energy from the northeastern region of Ladakh and a so-called Green Credit Programme to incentivise “environmentally sustainable and responsive actions”.
More: India’s national budget includes viability gap funding for 4GWh of energy storage