By Nidhi Verma
NEW DELHI, Feb 1 (Reuters) - India said on Wednesday it
would provide 300 billion Indian rupees ($3.66 billion) to help
state-run oil refiners move towards cleaner energy, a step aimed
at helping the country achieve its 2070 net-zero carbon emission
target.
"This Budget builds on our focus on green growth," finance
minister Nirmala Sitharaman said in her budget speech.
India, one of the world's biggest greenhouse gas emitters,
recently announced a 197 billion rupee green hydrogen programme
to cut the country's carbon intensity and reduce dependence on
fossil fuels.
"We are implementing many programmes 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," Sitharaman said.
The budget also allocated 50 billion rupees for crude
purchases for its strategic oil stockpile. India had released
oil from its strategic reserves as part of the US-coordinated
programme to calm the global oil prices.
Sitharaman also announced federal support for battery energy
storage systems.
($1 = 81.9225 Indian rupees)
($1 = 81.8780 Indian rupees)
(Reporting by Nidhi Verma; Editing by Christina Fincher)
Messaging: nidhi.verma.thomsonreuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.