News Karnataka
Friday, March 29 2024
Cricket
Environment

ICRA suggests long-term finance for power, renewables in Budget

ICRA suggests longterm finance for power renewables in Budget
Photo Credit : IANS

New Delhi: Availability of adequate long-term financing at competitive rates is key in achieving India’s renewable as well as sustainable goals, rating agency ICRA said as part of its pre-Budget expectations report. The Union Budget for FY23 will be tabled in the Parliament on February 1.

The rating agency said that incentives and relevant policy measures are needed to promote investments in the energy storage segment, considering the increasing share of renewables in the electricity generation mix.

“This apart, policy measures are required to revive the stranded gas-based projects, which would enable the availability of balancing power sources,” it said.

To augment domestic manufacturing of solar modules, the Centre must increase the production-linked incentives outlay for the manufacturers, ICRA added.

For power distribution companies, the budgetary allocation must be increased to improve transmission infrastructure (both at intra-state and inter-state levels) for evacuation power from the regions having high renewable energy potential.

Prime Minister Narendra Modi, at the COP26 meet in Glasgow, said India aims to increase its non-fossil energy capacity to 500 GW by 2030, besides the country wishes to fulfil 50 per cent of its energy requirements from renewable energy sources by 2030.

Also, India intends to reduce its total projected carbon emissions by 1 billion tonnes by 2030 and ultimately, become a net-zero carbon emitter by 2070.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp