CleanTech/ Renewable Energy, Finance, Other

Government Creates National Clean Energy Fund for Research and Innovative Projects

The National Clean Energy Fund (NCEF) is created for funding research and innovative projects in clean energy technologies, said Dr. Farooq Abdullah, the Minister of New and Renewable Energy. Any project/scheme relating to innovative methods to adopt to clean energy technology and research & development shall be eligible for funding under the NCEF.

The total tax revenue generated through ‘Clean Energy Cess’ for NCEF was Rs1,066.45 crore (Actual) for the financial year 2010-11 and Rs 3,249.40 crore (Revised Estimates) for financial year 2011-12. In respect of the current financial year (2012-13), the budgetary estimates are of Rs. 3,864.20 crore.

Guidelines have been laid down for appraisal and approval of the projects/schemes eligible for financing under the Fund.

Fifteen projects envisaging total support of Rs 1,974.16 crore, out of the NCEF have already been recommended by the Inter-Ministerial Group (IMG) till date.

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