Indian finance minister Nirmala Sitharaman announced several new clean energy initiatives in the government's annual federal budget speech on Wednesday, saying “green growth” is a top priority for the country.
More than $8 billion dollars were announced for projects like mangrove restoration which help suck carbon dioxide out of the atmosphere, converting waste into biogas and speeding up renewable energy initiatives. But details of how the funds will be spent are yet to be disclosed, according to AP.
The minister said the injection of 35,000 crore rupees ($4.3 billion) into India’s energy transition will be channeled through the ministry of petroleum and natural gas to help India reach its goal of net zero emissions by 2070.
India is currently the world’s third highest-emitting nation.
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