India plans over $12bn in power plant, EV incentives to cut pollution
Nproposed ews Wires -- India has
incentives worth 885 billion rupees ($12.4 billion) to encourage power plants to install equipment to curb emissions and to develop infrastructure for electric vehicles, EVs.
The bulk of the money, 835 billion rupees, would be aimed at curbing sulphur emissions from power plants, with the rest devoted to development of EV infrastructure in 70 cities over five years ending 2025, a government statement said. The proposal by India’s power ministry to its finance commission is in addition to an existing proposal that envisages installation costs for emission-cutting equipment to be passed on to consumers.
The ministry’s plans come against the backdrop of a utilities sector under financial stress, with loans from mostly state-run lenders turning sour or requiring restructuring, according to an Assocham-Grant Thorton report this month.
The Association of power producers, an industry group that represents private companies such as Reliance Power and Adani Power as well as state-run NTPC, had been lobbying for incentives for the past two years.