21 Jul 2014:
India Doubles Coal Tax to
Fund Ambitious Clean Energy Initiatives
India's finance minister has doubled the tax on coal imported to or mined in the country, raising the tariff from $0.83 to $1.67 per metric ton, with plans to use the revenue to fund a host of renewable energy projects over the next decade, Clean Technica
reports. The revenue will be added to the National Clean Energy Fund, which was established to provide low-cost financing for renewable energy projects. The fund's scope will be expanded to include environmental projects as well as clean energy research and development, including a national wind energy program, four major solar power projects, and an initiative that aims to establish transmission corridors for distributing electricity from renewable energy sources. The revenue will also be used to fund a new, separate ministry focused on cleaning the heavily polluted Ganges River. The tax could raise as much as $1.2 billion in the first 12 months, according to some estimates.