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<ul><li>Apollo Green Energy is expected to announce its initial public offering (IPO) in 2025.</li><li>The company, a part of the Apollo International Group aims to build a <keyword id="23806914" type="General" weightage="20" keywordseo="10000-crore-project-portfolio" source="keywords">₹10,000 crore project portfolio</keyword>.</li><li>The company currently has an order book of ₹3,500 crore.</li></ul>Apollo Green Energy Ltd (AGEL), part of Apollo International Group, on Tuesday said it is preparing for a public listing next year to support its expansion plans and secure new projects. Also, the company is set to build a ₹10,000-crore project portfolio by 2025. "With over 200 professionals and an order book of ₹3,500 crore, we are focused on delivering projects that meet the nation's energy needs and promote sustainability. Our upcoming IPO in 2025 will further strengthen our financial base, enabling us to scale our operations and invest in cutting-edge renewable technologies," said Sanjay Gupta, CEO, Apollo Green Energy. AGEL is a leading Engineering, Procurement, and Construction (EPC) company specializing in renewable energy, providing a range of solutions that includes utility-scale solar, energy storage systems, green hydrogen initiatives, and hybrid power. Operating in eight states, the company manages a diverse portfolio of projects, including 400 MW of solar installations. The company has been involved in the execution of Flue Gas Desulfurization (FGD) systems to reduce sulfur dioxide emissions, a major contributor to pollution, in power generation. This project, valued at approximately Rs 700 crore, is nearing completion. "Currently, we are executing a large utility-scale solar project which requires different technical expertise, like we are doing 40 MW solar fixed tilt in Odisha, 50 MW floating solar project (first of its kind)in Kerala and 200 MW solar with tracker technology in Gujarat. "We are also executing a 1,50,000 smart solar street lights project in Bihar. Going forward, AGEL will also expand its footprint in wind, hybrid, green Hydrogen and battery storage solutions." Gupta added. AGEL aims to play a crucial role in supporting India's clean energy goals. By focusing on solar, green hydrogen, and hydro energy projects, the company not only supports the nation's energy transition but also delivers long-term value for stakeholders, the company said. With revenue growth from Rs 324.83 crore in FY22 to Rs 1,174.77 crore in FY24, AGEL is poised to sustain this momentum through FY25, underscoring its commitment to operational efficiency. In addition, AGEL is also forming strategic partnerships with technology providers and exploring options to produce its own solar modules. These moves will help the company expand its capabilities in renewable energy and keep projects cost-effective, all while contributing to India's vision for a cleaner energy future. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/realme-gt-7-pro-with-snapdragon-8-elite-6500mah-battery-to-launch-in-india-on-november-26/articleshow/114945858.cms">Realme GT 7 Pro with Snapdragon 8 Elite, 6,500mAh battery to launch in India on November 26</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-ipo-indias-biggest-telco-to-go-public-in-2025-retail-ipo-further-away/articleshow/114944496.cms">Reliance Jio IPO – India’s biggest telco to go public in 2025, retail IPO further away</a> <a href="https://www.businessinsider.in/business/auto/news/october-auto-sales-maruti-suzuki-and-tata-motors-report-a-decline-mahindra-continues-to-grow/articleshow/114931927.cms">October auto sales – Maruti Suzuki and Tata Motors report a decline, Mahindra continues to grow</a>

Apollo Green Energy to go public next year – aims to build ₹10,000 crore project portfolio

<ul><li><keyword id="20058929" type="General" weightage="100" keywordseo="Indian-Energy-Exchange" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Energy Exchange" meta.hostid="261" meta.entityid="Indian Energy Exchange">Indian Energy Exchange</keyword> recorded a 24% year-on-year growth in monthly volume in September 2024.</li><li>The electricity volume, including <keyword id="22675612" type="General" weightage="20" keywordseo="green-electricity" source="keywords">green electricity</keyword>, reached 10,332 MU.</li><li>India's <keyword id="20028292" type="General" weightage="20" keywordseo="energy-consumption" source="keywords">energy consumption</keyword> remained relatively stable at 141.3 billion units (BUs) in September 2024.</li></ul>Indian Energy Exchange (IEX), India's leading electricity exchange, experienced significant growth in September 2024 with a record monthly volume of 11,370 MU, representing a 24% year-on-year (YoY) growth. Electricity volume, including green electricity, reached 10,332 MU, reflecting a 21% YoY increase, while <keyword id="21681994" type="General" weightage="20" keywordseo="renewable-energy-certificates" source="keywords">renewable energy certificates</keyword> (RECs) doubled to 1,031 MU compared to the same period last year. The REC market witnessed a historic low price of ₹110 per certificate during a trading session, offering a favourable opportunity for obligated entities to meet their renewable purchase obligations and for voluntary customers to achieve sustainability goals. India's energy consumption remained relatively stable at 141.3 billion units (BUs) in September 2024, according to government data. A steady monsoon boosted hydro and wind power generation, leading to reduced prices in the Day-Ahead Market (DAM) and Real-Time Market (RTM). The Day-Ahead Market (DAM) witnessed robust growth, with volumes increasing 33% YoY to 4,610 MU in September 2024. Over the quarter, DAM registered 14,332 MU, a 27% increase compared to Q2FY24. Real-Time <keyword id="22699214" type="General" weightage="20" keywordseo="electricity-market" source="keywords">Electricity Market</keyword> (RTM) achieved its highest-ever monthly volume of 3,913 MU, a 34% YoY rise. RTM's quarterly volume reached 10,732 MU, up 31% YoY. In contrast, the Day-Ahead Contingency and Term-Ahead Market (TAM) experienced a decline, trading 1,086 MU in September 2024 and 2,684 MU during Q2FY25, down by 43% and 42% YoY, respectively. IEX's Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), recorded an extraordinary 214% YoY increase, trading 723 MU in September 2024. The quarterly total for the Green Market stood at 2,584 MU, a massive 246% YoY growth. The REC market achieved a milestone with 1,031 MU traded in September 2024, a 100% YoY increase. The clearing prices for the two trading sessions on 11th and 25th September were ₹112/REC and ₹110/REC, respectively, the lowest-ever price since the market's inception. The quarterly total volume reached 6,297 MU, a remarkable 353% YoY growth. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a>

Indian Energy Exchange records 24% growth in September 2024

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<keyword id="19950696" type="General" weightage="20" keywordseo="JSW-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Energy" meta.hostid="261" meta.entityid="JSW Energy">JSW Energy</keyword> on Thursday said its arm received a letter of award from Solar Energy Corporation of India (<keyword id="19967266" type="General" weightage="20" keywordseo="SECI" source="keywords" meta.keywordsubtype="org" meta.entityname="SECI" meta.hostid="261" meta.entityid="SECI">SECI</keyword>) for supply of <keyword id="22714846" type="General" weightage="20" keywordseo="230-MW" source="keywords">230 MW</keyword> of power from its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> project. The energy supply order has been secured by wholly-owned subsidiary JSW Neo Energy Limited, JSW Energy said, adding that the company received the letter of award following a tariff-based competitive bidding process. Bids were invited for supply of 630 MW of firm and dispatchable power from an inter state transmission system or ISTS-connected renewable energy project SECI-FDRE-IV, JSW Energy said in an exchange filing. With the latest <keyword id="19895601" type="General" weightage="20" keywordseo="contract" source="keywords">contract</keyword>, the company's total locked-in generation capacity has increased to 16.4 GW, which includes a hybrid capacity of 2.3 GW, including FDRE (firm and dispatchable renewable energy). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

JSW Energy gets contract from SECI for supply of 230 MW renewable energy

<keyword id="22948419" type="General" weightage="20" keywordseo="Reflect-Orbital" source="keywords" meta.keywordsubtype="org" meta.entityname="Reflect Orbital" meta.hostid="261" meta.entityid="Reflect Orbital">Reflect Orbital</keyword>, a California-based startup, has set its sights on a futuristic goal: providing "<keyword id="22948420" type="General" weightage="100" keywordseo="sunlight-on-demand" source="keywords">sunlight on demand</keyword>" using orbiting mirrors in space. The company's vision is to address one of the biggest challenges in <keyword id="19915217" type="General" weightage="20" keywordseo="solar-energy" source="keywords">solar energy</keyword> — the inability to generate power after sunset or during cloudy days — by using a fleet of <keyword id="20279522" type="General" weightage="20" keywordseo="small-satellites" source="keywords">small satellites</keyword> equipped with highly reflective <keyword id="22948421" type="General" weightage="20" keywordseo="Mylar-mirrors" source="keywords">Mylar mirrors</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">How the technology works</h3>Reflect Orbital plans to deploy 57 small satellites into low-Earth orbit. Each satellite will be outfitted with a 33-square-foot reflective Mylar mirror. These mirrors are designed to reflect sunlight down to Earth, targeting <keyword id="20658734" type="General" weightage="20" keywordseo="solar-farms" source="keywords">solar farms</keyword> and extending their operational hours by providing an extra 30 minutes of sunlight after sunset or before sunrise. The mirrors will focus sunlight into a concentrated beam, directed by solar farm operators using a simple interface, where users can log in, provide GPS coordinates, and request sunlight. <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1826682383514697993"></div>The idea is to make solar energy more available when it’s most needed — not just during daylight hours, but also in the early morning and evening when electricity demand is typically higher. This could potentially increase the efficiency and profitability of <keyword id="20423867" type="General" weightage="20" keywordseo="solar-power-generation" source="keywords">solar power generation</keyword>, as energy produced during these periods can be sold at higher rates. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Potential challenges</h3>Despite the excitement around this technology, there are several challenges that Reflect Orbital will need to overcome. Weather conditions such as thick clouds or storms could obstruct the reflected sunlight, limiting its effectiveness. Seasonal changes that affect the angle and duration of sunlight might also present difficulties. Additionally, the potential environmental impact, including light pollution and interference with astronomical observations, has raised concerns among scientists and environmentalists. <div type="Article" hostid="261" msid="112805908" title="How will Sunita Williams’ body have changed when she returns from space in February 2025?" mstype="2" mssubtype="0"></div>Reflect Orbital is aware of these challenges and has designed the mirrors to minimise light pollution. The company has also tested its technology using a hot air balloon, which successfully simulated the satellite mirrors' effect by reflecting sunlight down to a solar farm. According to co-founder <keyword id="22948422" type="General" weightage="20" keywordseo="ben-nowack" source="keywords">Ben Nowack</keyword>, the company was able to generate "500 watts of energy per square metre" of solar panel, which is about "half the brightness of the sun." <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1767961251186163857"></div>Reflect Orbital is still in the early stages, with plans to launch its first test satellite in 2025. Interest in the project has been strong, with over 30,000 applications already submitted by individuals and organisations eager to participate in the initial offering of "sunlight on demand." This ambitious project could mark a significant step forward in renewable energy technology if successful, providing a novel solution to the intermittent nature of solar power and helping to accelerate the transition to <keyword id="21313059" type="General" weightage="20" keywordseo="sustainable-energy-sources" source="keywords">sustainable energy sources</keyword>.

Space startup Reflect Orbital plans to sell "sunlight on demand" — how will it work?

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers. Here's a breakdown of the key initiatives announced: <h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications. <h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power. <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div> <h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>. Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time. <h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials. <h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current 'Perform, Achieve and Trade' mode. <h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase. As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div> <h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change. <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div> <h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies. <h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

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