Biomass gets a boost as budget promises financial help in buying machinery Nishant Krishna February 1, 2024

Biomass gets a boost as budget promises financial help in buying machinery

Finance Minister Nirmala Sitharaman said on February 1 that the government would provide financial assistance for the procurement of machinery to help in biomass collection.While presenting the Interim Budget, Sitharaman said the mandatory blending of compressed biogas in compressed natural gas (CNG) and piped natural gas (PNG) would be mandated.“Phased mandatory blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes will be mandated,” she said. The finance minister, however, did not specify the allocation.In November 2023, the government announced mandatory blending of compressed biogas in CNG and PNG in a phased manner to promote consumption of biogas in the country. The government expects that the move would also help reduce the country’s reliance on imports of crude oil.The government had said CBG blending obligation (CBO) would be voluntary till financial year 2024-25 (FY25), and the mandatory blending obligation would start from FY26. CBO will be kept as 1 percent, 3 percent and 4 percent of total CNG/PNG consumption for FY26, FY27 and FY28 respectively, it added.

Source: https://www.moneycontrol.com/news/business/budget/biomass-gets-a-boost-as-budget-promises-financial-help-in-buying-machinery-12172271.html

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