India's Ministry of New and Renewable Energy (MNRE) has launched its first national policy to promote geothermal energy. The policy seeks to enable the exploration and development of untapped geothermal energy resources in India through incentives and regulations. Among the proposed measures, the document encourages to repurpose abandoned oil and gas wells for heating and cooling, as well as the promotion of joint ventures between geothermal developers and oil, gas, and mineral companies. To finance the projects the government plans to create fiscal incentives, import duty exemptions, viability gap funding, among other mechanisms to promote foreign direct investment (FDI), concessional loans and international collaborations.
According to the MNRE, India has identified 381 hot springs and 10 geothermal provinces, with a total of 16 geothermal energy sites with a high geothermal capacity to be developed. India aims to reach net zero by 2070.
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