India Earmarks $3.7 Billion For State Oil Companies' Energy Transition

India said on Wednesday it would provide 300 billion Indian rupees ($3.66 billion) to help state-run oil refiners move towards cleaner energy, a step aimed at helping the country achieve its 2070 net-zero carbon emission target.

"This Budget builds on our focus on green growth," finance minister Nirmala Sitharaman said in her budget speech.

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

"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.