Indian Finance Minister Nirmala Sitharaman announced several new clean energy initiatives in the government's annual federal budget speech Wednesday, saying green growth is a top priority for the country, AP reported.

More than $8 billion was announced for projects such as restoring mangroves that help suck carbon dioxide out of the atmosphere, turning waste into biogas and accelerating renewable energy initiatives.

The minister said an infusion of 35,000 crore rupees ($4.3 billion) into India's energy transition will be channelled through the Ministry of Petroleum and Natural Gas to help India achieve its goal of net zero emissions by 2070. India currently ranks third in the world in emissions.

The new funds are part of the government's $550 billion budget to boost spending to spur economic growth and create jobs ahead of next year's general election.

Sitharaman also proposed government incentive programs for energy storage systems in India that would promote 24/7 renewable energy.