Upcoming Budget can accelerate India’s decarbonisation journey: GE

‘Wind power served as a crucial natural source for round-the-clock power generation; it would also support the country’s ambition to produce green hydrogen’

The upcoming Budget could further accelerate India’s decarbonisation journey across multiple pathways, particularly in incentivising manufacturing for wind power and developing solid financing models across India’s decarbonising efforts, GE said on Monday.

“As we approach the Union Budget 2023-24, expectations from the government to further push the pedal on India’s decarbonisation journey are ripe,’‘ said Mahesh Palashikar, president, GE South Asia, told The Hindu.

Wind power has served as a crucial natural source for round-the-clock power generation and it would also support the country’s ambition to produce green hydrogen, he added.

Now, with clear opportunities in sight, the Budget should consider allocations such as a production-linked incentive scheme for an enhanced national manufacturing ecosystem for large-scale wind turbines and related components that would reduce the overall levelised cost of wind power generation, enhance adoption and enable higher Indian exports to the world, he recommended.

According to Mr. Palashikar, the Budget was also an opportunity to develop large-scale carbon markets and green financing solutions through budgetary allocations to empower energy producers and providers. This could also include creating a robust framework for both offshore and onshore financing, and incentivising investors, he added.

“We remain confident in the government’s intent and enabling policies to thoroughly enable energy transition, and are eagerly anticipating the upcoming Budget,” he anticipated.

The government had done well in recognising the importance of energy transition by enabling a conducive policy environment for solar, battery storage, hydrogen, wind and more, the GE official added.