Budget 2023 | What are the Centre’s initiatives for ‘Green Growth’ and energy transition?
The HinduIn the bid to reduce the carbon intensity of the Indian economy, meet clean energy targets, and provide large-scale green job opportunities, Finance Minister Nirmala Sitharaman announced a slew of measures for “Green Growth” while presenting the Union Budget on Wednesday, including initiatives related to green fuel, green farming, green mobility, green buildings, and green equipment. The Minister listed “Green Growth” as one of the seven priorities of this year’s Budget, citing that India is moving toward net zero carbon emissions by 2070 to usher in usher in green industrial and economic transition. Ms. Sitharaman highlighted the green initiatives being carried out in line with this priority: Green Hydrogen: The Minister announced an outlay of ₹19,700 crore for the recently launched National Green Hydrogen Mission, which she said will facilitate the transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports and make the country “assume technology and market leadership in this sunrise sector”. Energy transition: The budget provides ₹35,000 crores for priority capital investment toward energy transition, net zero objectives, and energy security by the Union Ministry of Petroleum and Natural Gas.