26 °C Singapore, SG
February 22, 2024
Latest News
Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview GS E&C to develop bioethanol using cassava waste Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy

India to boost renewables by over $800 million in 2020

 

In India, the Ministry of New and Renewable Energy has been given an annual increase of 10.62% or INR57.53 billion (US$806.65 million) in the country’s 2020 national budget.

The energy sector as a whole has been allocated a budget of INR220 billion (US$3 billion).

Up to INR21.5 billion (US$301.46 million) has been allocated to develop grid-integrated solar energy projects. Off-grid solar projects will be developed using an allocated budget of INR3.66 billion (US$51.34 million).

Some of the most important points related to energy sustainability mentioned by the country’s finance minister Nirmala Sitharaman during the budget presentation include:

States and union territories will upgrade energy meters to prepaid, smart meters within the next three years to allow for consumer flexibility.

“Further measures to reform discoms would be taken,” when talking about distribution companies under financial stress.

Ageing, high-emission thermal power plants are to be shut, and the vacant land use for alternative use.

Government-owned land alongside railway infrastructure will be used for large capacity solar projects (project still a proposal.)

New domestic energy generation companies will pay a concessional corporate tax rate of 15%, on the condition that generation projects are operational by March 2023.

The government is targeting the development of 25.75 GW of solar for the Kisan Urja Suraksha Evam Utthaan Mahabhiyan scheme to support the local agricultural sector.

India’s current solar pump scheme is set to be expanded to over 2 million farmers, with a further 1.5 million farmers permitted to install solar-powered pumps, which will sell excess power generated to the grid.

Sitharaman also introduced amendments to the country’s Customs Tariff Act of 1975, stating that the government will “Create tariff items 8541 40 11 for “Solar Cells, not assembled” and tariff item 8541 40 12 for “Solar Cells assembled in modules or made up into panels”. The tariff rate for these items is 20%. However, these items will continue at ‘Nil’ BCD.”

This clause relates to basic customs duty (BCD), which means there will be no such duty on the import of solar cells and modules into the country. “Unless the earlier notification is amended to exclude the solar cells and modules from customs duty exemption, the items will continue to have 0% duty,” stated Mercom.

This article was first published on Smart Energy International and was reprinted with permission.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *