Budget 2023: Going the extra mile to go green

As India works towards reaching net-zero carbon emissions by 2070, the Union Budget was appropriately focused on green growth. The finance minister Nirmala Sitharaman, while presenting the budget to the parliament, announced measures to help India lower its carbon emissions and make a smooth shift towards sustainability.

The National Green Hydrogen Mission, with an outlay of INR 19,700 crore, was announced by the FM to facilitate the transition of the economy, low-carbon intensity, reduce dependency on fossil fuel imports and make the country assume technology and market leadership in this sunrise sector.

Moreover, for energy transition and net-zero objective, the budget provides INR 35,000 crore for priority capital investment.

The center’s electric vehicle policy ‘Scheme for Faster Adoption and Manufacturing of Hybrid and Electric Vehicle in India’ also saw a boost from INR 800 crore last year to INR 2,908.28 crore. The Union Budget also announced the formulation of a battery-swapping policy and interoperability standards for the electric vehicles sector.

Moreover, with regards to sustainable battery energy storage systems with a capacity of up to 4000 mWh, the Union Budget 2023 will support viability gap funding. A detailed framework for the pumped storage facility will also be formulated in the coming days.

And to facilitate the easy adoption of these green vehicles and encourage a change in behavior, a Green Credit program will be notified under the Environment Protection Act. This program will incentivise environmentally sustainable and responsive actions by companies, individuals, and local bodies. They will also help mobilize additional resources for such activities.

The government’s increased focus on sustainability will have a huge influence on the infrastructure and logistics sectors in India, helping it fill the gaps and make the smooth transition to green.

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