India is finalizing plans to offer almost $2 billion in incentives to replace fossil-fuel powered passenger vessels on inland waterways, like barges and ferries, with a cleaner fleet.
The initiative, proposed by the shipping ministry earlier this year, will be backed by 149.2 billion rupees ($1.8 billion) in subsidies over ten years and is currently awaiting approval from the finance ministry, according to people familiar with the matter.
India is working to decarbonize its maritime sector with a slew of measures, including setting up green ports and introducing less polluting ships. It’s now targeting the small but growing inland shipping segment, which is set to double its 10,000 fleet by 2030.
Once fully implemented, the incentives would help cut about one million ton of emissions a year, said the people, who asked not to be identified as they aren’t authorized to speak to the media. A separate set of decarbonization guidelines are being drafted for cargo and cruise vessels, they said.
India’s finance and shipping ministries did not immediately respond to emailed requests for comment.
Under the plan, India’s fleet, which largely runs on diesel, would progressively switch to less polluting sources such as electricity, liquefied natural gas and hydrogen. Financial support, which would be disbursed over a decade, would target vessel procurement, retrofitting, and construction of shore infrastructure like refueling stations, fuel storage and docking facilities.
The government expects half of the existing inland passenger vessels to run on less polluting fuels by 2030, according to the strategy outlined in January. India, the third-largest global polluter, aims to hit net zero by 2070.
Registration of new fossil fuel-based inland vessels would stop by 2033, and the government aims for those craft to be fully replaced by the end of 2045.
The initiative, proposed by the shipping ministry earlier this year, will be backed by 149.2 billion rupees ($1.8 billion) in subsidies over ten years and is currently awaiting approval from the finance ministry, according to people familiar with the matter.
India is working to decarbonize its maritime sector with a slew of measures, including setting up green ports and introducing less polluting ships. It’s now targeting the small but growing inland shipping segment, which is set to double its 10,000 fleet by 2030.
Once fully implemented, the incentives would help cut about one million ton of emissions a year, said the people, who asked not to be identified as they aren’t authorized to speak to the media. A separate set of decarbonization guidelines are being drafted for cargo and cruise vessels, they said.
India’s finance and shipping ministries did not immediately respond to emailed requests for comment.
Under the plan, India’s fleet, which largely runs on diesel, would progressively switch to less polluting sources such as electricity, liquefied natural gas and hydrogen. Financial support, which would be disbursed over a decade, would target vessel procurement, retrofitting, and construction of shore infrastructure like refueling stations, fuel storage and docking facilities.
The government expects half of the existing inland passenger vessels to run on less polluting fuels by 2030, according to the strategy outlined in January. India, the third-largest global polluter, aims to hit net zero by 2070.
Registration of new fossil fuel-based inland vessels would stop by 2033, and the government aims for those craft to be fully replaced by the end of 2045.
You may also like
By-elections to four Assembly seats in Bihar on November 13
UAE amends over 60 laws to support SME growth
Here's why Kartik Aaryan wants Vidya Balan, not Manjulika
Indian Army launches month-long tribute to 1962 Battle of Walong heroes
US Space Force's mysterious X-37B mini-shuttle on 'groundbreaking' mission above Earth
Telugu superstar Sai Durgha Tej's new movie #SDT18: First look video released
CBFC stops Akshay Kumar's no smoking 'Fu Fu Nandu' ad from theatres after 6 years; here's why
Effectively and safely remove black mould in your home – without bleach
Donald Trump on skipping 60 Minutes interview: 'Worst and most blatant scandal'
Queens of Melody: Meet the Richest Female Musicians of 2024
Amitabh Bachchan attributes his 82nd birthday to love of his fans
PAK vs ENG, 2nd Test: Babar Azam's Replacement Kamran Ghulam Slams Hundred On Debut In Multan; Video
Roger Taylor speaks out on new Queen music with Brian May 'We have good material'
India to buy 31 armed drones from US for navy's use
Inside Poldark star Aidan Turner's life from secret to new role on Disney's Rivals
Indian markets end in red, auto and IT stocks under pressure
UK hot weather maps turn crimson as 20C African plume to hit Britain this week
Pimpri-Chinchwad: Water Cut on October 17 for Essential Maintenance
PM Modi writes LinkedIn post on creation of National Maritime Heritage Complex at Lothal
Accused Of Wrondoing, Kerala Official Found Dead A Day After His Send-Off Ceremony