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
Strictly's Wynne and Katya look strained behind scenes after cosying up for cameras
Argos shoppers snapping up NEW Xbox Series S, which solves console's biggest problem
Watch: 'Jalebi' celebrations as BJP unanimously elects Nayab Singh Saini as legislature party leader
Tarun Chugh confident of BJP-led NDA victory in Maha, J'khand polls
Beauty Tips: Try these home remedies to bring an instant glow to your face, you will get the benefit
Lucy Beaumont's new man worked for ex Jon Richardson as awkward connection revealed
England squad announcement as George Ford call made for Autumn series
Woman 'disgusted' after 33 new flats that can 'see into her bedroom' built around home
"No one will be spared..." Maharashtra CM Eknath Shinde on Baba Siddique's murder
Kevin Owens Reveals Reason Behind Attacking Cody Rhodes After Bad Blood, Gives WWE An Ultimatum To Air His Video
Limited time code unlocks 20% off Samsung Galaxy phones and smartwatches
It's A Beast: Tesla's Semi Is The Future Of Trucking
Allu Arjun's fan cycles to Hyderabad from UP, actor books flight for him
Vastu Tips: Do not do this even by mistake in the north direction, otherwise you will become poor
Holger Rune defends rapid coaching changes after cycling through Becker and Mouratoglou
Mallikarjun Kharge's Facebook page managed from Norway, says Assam minister
Delhi: Friend Throws Brick at Man, Leaves him Bleeding to Death over Rs 400 for Liquor
Prime Video To Include Ads In Shows, Movies In India From Next Year
Kerala man sets Guinness World Record for smallest washing machine
New CCTV released 20 years after student murdered at nightclub as police issue appeal