Presenting the Union Budget 2023-24, Finance Minister Nirmala Sitharaman today said India is moving firmly on net zero carbon emission goals. "This Budget provides ₹35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by the ministry of petroleum and natural gas," she said.
"To steer the economy on the sustainable development path, Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding. A detailed framework for Pumped Storage Projects will also be formulated," she added.
"The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with investment of ₹20,700 crore including central support of ₹8,300 crore," she said.
Sitharaman also announced that for encouraging behavioural change, a Green Credit Programme will be notified under the Environment (Protection) Act.