The Cabinet Committee on Economic Affairs (CCEA) has approved the constitution of a National Clean Energy Fund (NCEF) in the public account of India along with norms for approval of projects to be financed from the Fund.
The Finance Bill 2010-11 provided for creation of a corpus called National Clean Energy Fund through a levy of Rs 50 per tonne of coal produced and imported into the country. The Fund would invest in entrepreneurial ventures and research in the field of clean energy technologies.
Subsequent to the Budget announcement, the Central Board of Excise & Customs (CBEC) issued a notification dated June 22, 2010 to notify the Clean Energy Cess Rules, 2010. An Inter Ministerial Group has been set up to approve projects under the Fund. Budget 2011-12 allocated Rs 200 crore from NCEF towards launching environmental remediation measures. Another Rs 200 crore was allocated from the Fund to begin implementation of the forestry initiative Green India Mission in 2011-12.
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