- The Indian government has pledged to invest $4.3 billion in green technology to clean up the country’s economy and create jobs.
- The country has pledged to reach net zero by 2070.
The Indian government has pledged to invest $4.3 billion in green technology to clean up the country’s economy and create jobs. In the announcement, Indian authorities said they would focus on solar power from the Himalayan region of Ladakh and green hydrogen production. The finance minister Nirmala Sitharaman told parliament, “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” while announcing her government’s annual budget today. Also, India aims to develop 500 GW of renewable energy capacity by 2030.
The announcement comes after the US approved a $500 billion green spending package to curb climate emissions, and Japan laid out a plan to issue $150 billion in “green transition” bonds. Also, the EU unveiled its own $270 billion plan to subsidize Europe’s green industry this month.
Sitharaman added, “These green growth efforts help reduce the economy’s carbon intensity and provide large green job opportunities. She noted that the petroleum and natural gas ministry would oversee investments, including investments in gas. However, despite its low per-person emissions, India’s huge population makes it the third-biggest emitter in the world. The country has pledged to reach net zero by 2070.