September 13, 2023
Finance International

India’s Finance Minister Announces New Clean Energy Funds

Indian finance minister Nirmala Sitharaman announced several new clean energy initiatives in the, government annual federal budget speech on Wednesday saying “green growth” is a top priority for the country.

More than $8 billion dollars were announced for projects like mangrove restoration which help suck carbon dioxide out of the atmosphere, converting waste into biogas and speeding up renewable energy initiatives. But details of how the funds will be spent are yet to be disclosed.

The minister said the injection of 35,000 crore rupees ($4.3 billion) into India’s energy transition will be channeled through the ministry of petroleum and natural gas to help India reach its goal of net zero emission by 2070. India is currently the world’s third highest emitting nation.

The new funds form part of the government’s $550 billion budget aimed at ramping up spending to spur economic growth and create jobs ahead of the general election next year. Sitharaman mentioned the scaling up of clean energy for the economy and jobs within the first few minutes of her speech.

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