Maharashtra Budget Bets Big on Renewable Energy

With an aim to fulfil its commitment to reaching net-zero emissions, the Maharashtra government dedicated its budget 2023 to the environment besides farmers, women, youth and employment. The budget seems to be a major move towards achieving India's commitment to carbon neutrality by 2070.

In his budget speech, deputy chief minister and finance minister Devendra Fadnavis announced that investment of around INR 75000 crore is expected in green hydrogen, green ammonia, solar power and wind energy sector.

He further added that The state would also raise INR 5,000 crore through green bonds by 2024 to address the issues of climate change. Installations of renewable energy, green buildings, green buildings, green hydrogen, electric mobility and charging facilities will play a major role in it.

An outlay of INR 13,437 crore has been proposed for environment-friendly development in the state. The sum of INR 224 crore and INR 10,919 crore have been proposed for the environment and climate change department and the energy department respectively in the year 2023-24.

Maharashtra has signed MoUs worth INR 30,000 crore in solar, hydro and wind energy sectors. Meanwhile, around 5,000 diesel buses are anticipated to be converted into liquefied natural gas-fuelled vehicles. Apparently, the state would generate 20 cubic meters per hour of green hydrogen by using 500 KW of solar energy at Bhusawa.

With a long coastline of 720 km, Maharashtra is blessed with solar and wind energy potential.