To reduce the carbon intensity of the Indian economy and meet clean energy targets, finance minister Nirmala Sitharaman announced a slew of green growth-focused announcements for the auto sector in the Union Budget on Wednesday, With this, the government has put out a clear message to boost zero-carbon strategy and ensure a swift transition to greener fuels like CNG, ethanol, and hydrogen.
The Union Budget 2023 also has set aside ₹35,000 crore for priority capital investment towards energy transition and net-zero objectives, with India aiming to reach net-zero carbon emission by 2070.
Key highlights:
With an outlay of ₹19,700 crore and annual production target of 5 million metric tonnes (MMT) by 2030 for the National Green Hydrogen Mission, Sitharaman emphasised on the importance of green mobility to enable the transition to “low carbon intensity”, lessen reliance on fossil fuel imports, and encourage hydrogen fuel-powered mobility.
