According to Bloomberg article published on February 1, 2023, India earmarked 350 billion rupees ($4.3 billion) for energy transition and security in the federal budget as a step toward achieving Prime Minister Narendra Modi’s goal of reaching net zero emissions by 2070.
“We are implementing many programs for green fuel, green energy, green farming, green mobility, green buildings, and green equipment and policies for efficient use of energy across various economic sectors,” Finance Minister Nirmala Sitharaman said in her federal budget speech Wednesday.
Sitharaman also announced investments in battery storage and grid infrastructure for renewable power.
She said that the investments toward the energy transition will be made by the federal oil ministry. The commitment comes after India on Tuesday defended its use of fossil fuels, citing energy security priorities.
