By 2040, the state's objective is to achieve complete reliance on renewable energy sources.
The focus of Kerala's budget for the year 2023 is centered around the development of green hydrogen and electric vehicles (EVs)
The 2023 budget of Kerala has dedicated funds towards multiple green initiatives with the goal of eliminating the reliance on fossil fuels by 2040 and accomplishing net carbon neutrality by 2050.
As per the budget, plans have been outlined to establish green hydrogen hubs in Kochi and Thiruvananthapuram within the next two years, for which an allocation of ₹2 billion (~$24.2 million) has been made. During the budget presentation, the state finance minister, K N Balagopal, highlighted that hydrogen fuel can be employed in long-haul vehicles and ships, leading to a substantial reduction in carbon emissions. The Kerala Budget aligns with the Union government’s focus on the development of green hydrogen as a substitute for fuel. In January, the government declared that a sum of ₹197 billion (~$2.41 billion) would be invested in the National Green Hydrogen Mission to expedite the transition towards a low-carbon dependence.
Location: Kerala
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