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Union Budget 2023-2024: Priority 5: Green Growth

1 Feb 2023 , 03:22 PM

Finance Minister Nirmala Sitharaman said that ‘green growth’ would be one of the priorities of the budget.

“We are implementing many programs for green growth across various economic sectors…They will help reduce carbon intensity and create green jobs,” the FM said. 

Hon’ble Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle. India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition. This Budget builds on our focus on green growth.   

Focus areaMeasures announced
Green Hydrogen Mission
  • National Green Hydrogen Mission, with an outlay of Rs 19,700 crore, will facilitate 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. 
  • Government is targeting to reach an annual production of 5 MMT by 2030.
Energy Transition
  • Allocated Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.
Energy Storage Projects
  • Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding. 
  • A detailed framework for Pumped Storage Projects will be formulated.
Renewable Energy Evacuation
  • The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with investment of Rs 20,700 crore including central support of Rs 8,300 crore.
Green Credit Program
  • A Green Credit Program will be notified under the Environment (Protection) Act. 
  • This will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies, and help mobilize additional resources for such activities.
PM-PRANAM
  • PM Program for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
GOBARdhan scheme
  • 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy. 
  • These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore. 
  • In due course, a 5% CBG mandate will be introduced for all organizations marketing natural and bio gas. 
  • For collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided.
Bhartiya Prakritik Kheti Bio-Input Resource Centres 
  • Over the next 3 years, 1 crore farmers will be encouraged to adopt natural farming. 
  • For this, 10,000 Bio-Input Resource Centres will be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
MISHTI
  • ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’, MISHTI, will be taken up for mangrove plantation along the coastline and on salt pan lands, wherever feasible, through convergence between MGNREGS, CAMPA Fund and other sources.
Amrit Dharohar
  • Government will promote their conservation values through Amrit Dharohar, a scheme that will be implemented over the next three years to encourage optimal use of wetlands, and enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.
Coastal Shipping
  • Coastal shipping will be promoted as the energy efficient and lower cost mode of transport, both for passengers and freight, through PPP mode with viability gap funding. 
Vehicle Replacement
  • Allocated adequate funds to scrap old vehicles of the Central Government. 
  • States will also be supported in replacing old vehicles and ambulances.

 

Related Tags

  • Budget
  • Green growth
  • Union Budget
  • Union Budget 2023-2024
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