When presenting the Union Budget on Wednesday, Finance Minister Nirmala Sitharaman announced a series of initiatives for green growth in an effort to reduce the carbon intensity of the Indian economy, achieve renewable energy targets, and generate a sizable number of green jobs. In addition, energy efficiency initiatives are already being implemented in many different economic sectors. Furthermore, the National Green Hydrogen Mission, which has been given a budget of Rs 19,700 crore, will help change the economy into one that is green and low-carbon oriented.
In order to usher in a transition to a green industrial and economic system, the Minister identified Green Growth as one of the seven goals of this year's Budget. She did this by highlighting India's progress toward a net zero carbon emissions goal by 2070.
Green Growth Initiatives In Budget 2023
Following are the initiatives announced by the government to support Green Growth:
The National Green Hydrogen Mission will make it easier for the economy to shift to one with a lower carbon footprint and less reliance on imported fossil fuels.
By 2030, the hydrogen mission aims to produce 5 MMT of hydrogen annually.
Viability gap money will be provided to support battery energy storage systems.
A priority investment fund of Rs 35,000 crore has been designated for the net-zero goal of the energy transformation.
The construction of an interstate transmission infrastructure for the evacuation and grid integration of 13 GW of renewable energy from Ladakh will cost Rs 20,700 crore.
The Govardhan project, with 500 new waste-to-wealth plans, was announced to support a circular economy.
The finance minister also announced a project framework for pump storage.
The PM-PRANAM initiative will be introduced to encourage the use of chemical fertilizers responsibly and alternative fertilizers.
One crore farmers will be supported to switch to natural farming.
Mangrove Initiative for Shoreline Habitats and Tangible Incomes (MISHTI), building on India's success in afforestation was announced.
Under the Environment Protection Act, the Green Credit Program shall be notified of any acts taken by people or organisations to promote environmental responsibility.
The government will foster conservation ideals through the Amrit Darohar program, which will be put into place to promote ecotourism, encourage the best possible use of wetlands, and help local residents generate revenue.
Using the PPP model, coastal shipping will be marketed as an economical and energy-efficient source of transportation
Finance Minister declared that a key component of a green economy is the replacement of obsolete, polluting vehicles. A sufficient amount of money must be set aside to trash outdated federal, state, and ambulance vehicles.
Also read: FM Nirmala Sitharaman's Slip Of Tongue: ‘Replacing Old Political…Vehicles' Stirs Laughter During Budget 2023
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