Union Budget 2022-23: Seven Key Points For Greener Tomorrow
Finance Minister Nirmala Sitharaman announced that ₹19,500 crores has been allocated to produce high-efficiency modules to increase solar energy capacity to 280 GW by 2030
With a target to achieve net-zero emissions by 2070 pledged at the COP26, India has a long and challenging road ahead. Showing conviction to the target, energy transition and climate action were among the central themes of the Union Budget 2022-23.
While talking of many climate priorities, Finance Minister Nirmala Sitharaman’s speech was laden with proposals and pathways to raise climate finance and bring greener public transportation. Sitharaman called the green economy a “sunrise economy” and said that circular economy transition has huge potential for job creation.
Here are the seven major points announced during the Union Budget that cater to the environmental needs of the country.
1. An additional amount of ₹19,500 crores has been allocated for production inked incentives for manufacturing of high-efficiency modules, which will ensure the domestic manufacturing required for reaching the ambitious target of 280 GW of installed solar power by 2030.
2. More electric vehicles will be introduced to bring about a greener shift in urban public transportation. To reduce carbon emissions, more EV charging stations will be developed across the nation and a battery swapping policy will also be introduced.
3. To promote the circular economy, the Centre will focus on sectors such as e-waste management, management of used oil waste and toxic industrial waste, and end of use vehicles et al. The rising sectors of e-mobility and the geospatial industry as crucial elements of the circular economy.
4. Environment Ministry’s Parivesh portal – a single-window platform of environmental clearances for projects, will be further modernized for ease of doing business. The four different clearances of projects – environmental clearance, forest clearance, wildlife clearance and CAMPA funds, will also be carried out through a single form.
5. The government will prescribe energy efficiency and energy savings for large commercial buildings, under which energy audits and performance-linked incentives will be provided. Four pilot projects will be launched for coal gasification and conversion of coal into chemicals to enhance technical and financial viability.
6. To address the issue of stubble burning and air pollution, the 2022-23 Union Budget will enable co-firing of 5-7 percent biomass pellets to be used in coal-based thermal power plants, leading to CO2 savings of 38 MMT.
7. Agroforestry will be promoted in the country alongside the development of private forests. The government will also provide incentives to farmers who want to take up agroforestry.
Via: Press Release