The Finance Minister listed ‘Green Growth’ as one of the seven priorities of her Budget. She said that these seven principles complement each other and act as the ‘Saptarishi’ guiding India through the Amrit Kaal. Green Growth is the fifth of these seven priorities.
The FM said that the Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle, and that India was moving towards the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition.
Here are the component elements of the Budget’s Green Growth push.
Green Hydrogen Mission: The recently launched National Green Hydrogen Mission, with an outlay of Rs 19,700 crores, 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.
India aims to reach a target of an annual production of 5 MMT of green hydrogen by 2030, the FM said.
Energy Transition: The Budget has provided 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: To steer the economy on the sustainable development path, 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 also 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 ` 8,300 crore.
Green Credit Programme: For encouraging behavioural change, a Green Credit Programme 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: A new “PM Programme 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.