India is finalising plans to provide about $2 billion in incentives to replace fossil-fuel powered passenger vessels on inland waterways, such as barges and ferries, with a cleaner fleet.
Proposed by the Ministry of Port, Shipping and Waterways, this initiative will be backed by Rs 149.2 billion ($1.8 billion) in subsidies over a period of 10 years. At present, it is awaiting approval from the Ministry of Finance.
Once fully implemented, it would help reduce about one million tonne of emissions a year. Further, a separate set of decarbonisation guidelines are being drafted for cargo and cruise vessels.