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Sustainable development

Maharashtra State Budget Prioritizes Green Energy and Renewable Sources

Strategic Insights

— 2 min read

The state budget tabled in the Legislative Assembly on Thursday has given top priority to achieving the net zero emissions target, with a significant investment of Rs 75,000 crore in the field of green hydrogen, green ammonia, solar, and wind energy. The state plans to raise Rs 5,000 crore through green bonds by 2024 to combat climate change and has set aside Rs 977 crore for new and renewable energy for the fiscal year 2023-24.

Key Takeaways:

  • The state government has allocated Rs 75,000 crore for green energy projects, including green hydrogen, green ammonia, solar, and wind energy.
  • Maharashtra will raise Rs 5,000 crore through green bonds by 2024 to combat climate change and fund activities such as renewable energy, green buildings, and electric mobility.
  • The state has set aside Rs 977 crore for new and renewable energy in the fiscal year 2023-24, a significant increase from the revised estimate of Rs 496 crore for 2022-23.
  • The state has signed MoUs worth Rs 30,000 crore in the solar, hydro, and wind energy sectors, with a focus on reducing dependence on conventional energy through solar power projects in 20,000 gram panchayats.
  • 5,150 electric buses will be added to the fleet of the Maharashtra State Road Transport Corporation (MSRTC) as part of the state's green initiative, with a network of charging stations to be set up.
  • 5,000 diesel buses will be converted into liquefied natural gas (LNG) fuel vehicles, and modernization, upgradation, and reconstruction works of 100 bus stands of MSRTC worth Rs 400 crore will be undertaken.
  • A tax rebate will be given for the purchase of a new vehicle if private vehicles are voluntarily disposed of between 8 to 15 years of their age.

Statistics:

  • Total investment in green energy: Rs 75,000 crore
  • Amount to be raised through green bonds by 2024: Rs 5,000 crore
  • Budget estimate for new and renewable energy: Rs 977 crore (2023-24)
  • Revised budget estimate for new and renewable energy (2022-23): Rs 496 crore
  • MoUs signed in solar, hydro, and wind energy sectors: Rs 30,000 crore
  • Number of electric buses to be added to MSRTC fleet: 5,150
  • Number of diesel buses to be converted to LNG fuel: 5,000
  • Total budget allocation for bus stand modernization: Rs 400 crore

Sources:

  • Mumbai: The state budget tabled in the Legislative Assembly on Thursday (no date mentioned)
  • Fadnavis, Devendra. "Budget Speech" (no date mentioned)
  • Maharashtra State Road Transport Corporation (MSRTC) (no date mentioned)

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