India’s subsidies for renewable energy and electric vehicles more than doubled in FY 2022, but it will be critical for the government to build on this momentum over the coming years to reach the country’s climate targets, a new study by the International Institute for Sustainable Development (IISD) said.
The study, titled Mapping India’s Energy Policy 2022 (Update): Tracking Government Support for Energy, found that subsidies for renewable energy reached Rs 11,529 crore in FY 2022, up from Rs 5,774 crore in FY 2021, while support for electric vehicles in the same period jumped 160 percent, from Rs 906 crore to a record-high Rs 2,358 crore.
