Green energy companies advance on budget announcement of Rs 35,000 cr for energy transition investment

Green energy shares were in demand after the Union Finance Minister Nirmala Sitharaman announced that the Budget 2023 provides Rs 35,000 crore for priority capital investment towards energy transition and net zero objectives and energy security.

Borosil Renewables (up 7.38%), Urja Global (up 2.33%), Suzlon Energy (up 0.82%) and Sterling and Wilson Renewable Energy (up 0.42%) advanced.

India is moving forward firmly to achieve the net zero target. The recently launched national green hydrogen with an outlay of Rs 19,700 crore will facilitate the transition of the economy to low carbon intensity and reduce dependency on fossil fuel imports. Our target is to reach an annual production of 5 MMT by 2030.

This budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security. 200 compressed biogas plants, including 75 in the urban areas and 300 community-based plants to be set up with investment of Rs 10,000 crore, Finance Minister Nirmala Sitharaman declared.

FM Sitharaman said that 'green growth' would be one of the priorities of the budget. We are implementing many programmes for green growth across various economic sectors. They will help reduce carbon intensity and create green jobs, the FM said.

Finance Minister Nirmala Sitharaman is currently presenting the Budget 2023-2024 in Parliament. This is the final full-fledged budget of the Narendra Modi government before the general election next year.

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