Union Minister Pralhad Joshi Highlights Budget Increases, Policy Shifts, and Green Hydrogen Ambitions

India has a vast renewable energy potential of 2,109 GW from solar, wind, hydro, and biomass sources, and we are committed to achieving a significant shift towards cleaner alternatives. Pralhad Joshi, Union Minister of Consumer Affairs, Food and Public Distribution, and New and Renewable Energy, said.

He was speaking at the workshop on 'Unlocking Value from Carbon Markets: Accelerating Green Hydrogen and Clean Energy' in New Delhi recently. He said, "The recent Union Budget demonstrates our unwavering support for the renewable energy sector, with allocations nearly doubling from last year,"  and further emphasised the government's commitment to renewable energy, highlighting the recent Union Budget's nearly doubled allocation for the sector.

In his address, Minister further outlined significant policy shifts, including the transition of hard-to-abate industries from energy efficiency targets to emission targets. He explained that this move towards an Indian carbon market model will create strong market incentives for industries to adopt cleaner technologies.

Joshi also detailed changes in customs duties designed to boost domestic manufacturing of solar cells and panels. He emphasised that these adjustments would enhance India's standing in the global renewable energy market and promote self-reliance in clean energy technologies.

The Minister further highlighted the government's ambitious plans for green hydrogen production under the National Green Hydrogen Mission, which has an approved budget of INR 19,744 crores. He noted that the mission includes substantial incentives for indigenous electrolyser manufacturing and aims to position India as a major exporter of green hydrogen.

Additionally, Joshi discussed the ongoing development of the Indian Carbon Market (ICM), describing it as a national framework to decarbonise the economy. He stated that this initiative would align economic interests with environmental goals and play a crucial role in climate change mitigation.

The workshop, which featured five panel discussions with national and international experts, covered topics such as international market opportunities, carbon market integrity, leveraging India's position in the global voluntary carbon market, international cooperation under the Paris Agreement, and operationalizing buyers in the Indian Voluntary Carbon Market.