India Pledges $3.7bn to Aid State Oil Firms’ Clean Energy Shift


India is to pump $3.66 billion into helping its state-run oil refiners transition to cleaner energy, as it bids to reach its 2070 net-zero carbon emission target.

India, one of the world’s biggest greenhouse gas emitters, also recently announced a 197 billion rupee green hydrogen programme to cut the country’s carbon intensity and reduce dependence on fossil fuels.

“This builds on our focus on green growth,” finance minister Nirmala Sitharaman said as the government presented its federal budget on Wednesday.


Also on AF: Adani No Longer Asia’s Richest, Market Rout Hits $86 Billion


“We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors,” Sitharaman said.

The budget also allocated 50 billion rupees for crude purchases for its strategic oil stockpile. India had released oil from its strategic reserves as part of the US-coordinated programme to calm the global oil prices.

Sitharaman also announced federal support for battery energy storage systems.


  • Reuters with additional editing by Sean O’Meara


Read more:

India Planning to Classify Clean Tech to Attract Investors

India Burns Even More Coal Despite Climate Pledge Pressures

Modi’s Masterplan To Make India Energy Independent By 2047



Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

Recent Posts

VW Vows to Stay Ahead as China EV Revolution Gathers Pace

Volkswagen executive Stefan Mecha said the firm is committed to investing $16.26 billion in the…

7 hours ago

China Developer Sunac Posts $2 Billion 2022 Core Loss

The real estate firm was among many Chinese developers that defaulted last year as the…

8 hours ago

China’s Huawei Claims ‘Crisis is Over’ After Revenue Rise

The firm said it was now "out of crisis mode” following years of painful US…

9 hours ago

China to Check US Chip-Maker Micron Products in Security Review

The Cyberspace Administration of China said the move was aimed at protecting supply chains and…

1 day ago

Elon Musk Seen Hoping to Meet China PM on Next Visit

Musk met Li Qiang in 2019 when he was party secretary in Shanghai. Sources say…

1 day ago

Russia Wants All India Trade in Rupee-Ruble – Firstpost

Increasing oil deals between the two countries have already begun to corrode the US dollar’s…

1 day ago