India is trying to take it to the next level in its renewable energy and environmental initiatives. The country has a long list of ways it’s not only trying to reduce its carbon footprint, but bring much of its population up to date in terms of energy accessibility.
These projects and initiatives require funding, of course, and to help out, India is doubling its tax on every metric ton of coal mined or imported into the country. Currently, the tax rate stands at ₹100, or $1.67.
The revenue raised from this tax will directly feed into the National Clean Energy Fund. Currently, the fund is underutilized, though with the heap of renewable energy projects set to take place in the near future, the situation could change rapidly and dramatically.
Some of the large scale renewable energy projects include four 2,000-4000MW ultra mega solar power projects, 100,000 solar-powered irrigation sets and water pumping stations, and a canal-top solar power plant—a personal project of the prime minster.
Research and development for renewable and environmental projects will receive and increasing in funding. A ministry has also been established with the purpose of cleaning the Ganges River, a first in the nation’s history after decades of abusing the river.
The revenues raised from the tax are expected to be of great quantity, since India’s coal industry shows no sign of slowing. The current estimate for the amount it could raise sits at ₹7,400 crore, or $1.2 billion.