The nation would invest Rs 35,000 crore in the transition to greener energy, the finance minister Nirmala Sitharaman declared on Wednesday.

“Rs 35,000 core in priority capital investment on energy transformation and fulfilling India’s aim of net zero carbon emission by 2070,” said Sitharaman.

Sitharaman also promised an additional Rs 19,700 crore for the government’s Green Hydrogen Mission, which aims to reduce carbon intensity and the use of fossil fuels.

“India is moving closer to achieving net-zero carbon emissions by 2070. The Green Hydrogen Mission, which will receive a $ 19.7 billion investment, will help society make the transition to a low-carbon economy and reduce its dependency on fossil fuels “She made this statement in her budget speech.

According to a Reuters report, the Indian government wants to lower the price of green hydrogen by a fifth over the next five years. According to the most recent proclamation, India has now joined the United States and Europe in pushing the production of green fuel.

“The budget prioritizes the use of green building, energy, and fuel practices in order to reduce carbon intensity and offer new green initiatives opportunities. The government’s commitment to this “green growth” policy is a step in the right path toward building a better future for all Indians, one that is healthier and wealthier. This is consistent with India’s ambition to lead efforts to combat the global climate calamity.” the chairman of the Indian Biogas Association, Gaurav Kedia.

As the country works to create five million tonnes of green hydrogen annually by 2030, the plan, which was presented in February 2022, is anticipated to profit from the news.

The green hydrogen market is occupied by Adani Enterprises, JSW Energy, Acme Solar, Indian Oil, NTPC, Reliance Industries, and the Adani Group. The Adani Group also collaborates with TotalEnergies of France.