Finance Minister Nirmala Sitharaman makes big announcement to enhance India's energy transition and steering the fight against climate change.
In Short
• Budget 2023 builds on focus to green growth
• National Green Hydrogen Mission will facilitate the transition of economy
• 1 crore farmers to be facilitated to adopt natural farming
Finance Minister Nirmala Sitharaman announced that India is moving swiftly in reaching its Net-Zero targets by 2070, on Wednesday. The finance minister in her budget speech announced that the National Green Hydrogen Mission, which has an allocation of Rs 19,700 crore, will facilitate the transition of the economy into a low-carbon intensity and green economy.
Focus on boosting green energy transition:
* The finance minister said that the Budget 2023 builds on a focus to green growth.
* The National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduced dependence on fossil fuel imports.
* Target for the hydrogen mission is to reach annual production of 5 MMT by 2030.
* Rs 35,000 crore allocated for priority investment towards energy transition, net-zero objective.
* Battery energy storage systems will be supported with viability gap funding.
* Framework for pump storage projects announced.
* Inter-state transmission system for evacuation, grid integration of 13 GW of renewable energy from Ladakh to be constructed with investment of Rs 20,700 crore.
* Green credit program to be notified under the Environment Protection Act for responsive actions by individuals and companies to encourage environment-friendly behaviour.
* PM program for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PM-PRANAM) to be launched to promote alternative fertilisers and balanced use of chemical fertilisers.
* 500 new waste to wealth plans under the Govardhan scheme announced to promote a circular economy.
* One crore farmers to be facilitated to adopt natural farming
* Building on India's success in afforestation, Mangrove Initiative for Shoreline Habitats and Tangible Incomes (MISHTI) announced
* Government to promote conservation values through the Amrit Darohar scheme that will be implemented to encourage optimal use of wetlands, enhance eco-tourism and income generation for local communities
* Coastal shipping to be promoted as an energy efficient and lower cost mode of transport through the PPP model.
* FM announces replacing old polluting vehicles is an important part of greening the economy. Adequate funds are to be allocated to scrap old vehicles of the central government, state government and ambulances.
