Budget 2023-24: Big push for Green Growth to achieve net- zero emissions by 2070

New Delhi: In a major push to "Green Growth" the government has earmarked budgetary support of Rs 35,000 crore for priority capital investment for energy transition in achieving net-zero emissions by 2070.

Presenting the Union budget 2023-24, Finance Minister Nirmala Sitharaman said that the government is focused on "green growth efforts" to reduce carbon intensity in the economy to reduce the harmful impact of carbon.

She further said that the government is working towards reaching net zero emissions target by 2070.

“These green growth efforts help in reducing the carbon intensity of the economy and provide large scale job opportunities,” said the finance minister as she added that the government is implementing programs like green fuel, green energy for efficient use of energy across economic sectors.

Sitharaman also announced allocation of Rs 20,700 for renewable energy plan in Ladakh.

"Interstate Transmission System for Evacuation and Grid Integration of 13 GW renewable energy from Ladakh to be constructed with investment of Rs. 20,700 crores, including central support of Rs. 8,300 crores" she said.

Sitharaman also talked about the outlay of Rs 19,700 crores for National Green Hydrogen Mission which will further help facilitate transition of economy from fossil fuels to green power.

“Rs 19,700 crores already announced in the Green Hydrogen policy will help reduce fossil fuels. Target of 5 MMTs of green hydrogen production by 2030" she said.

“The government will launch the Atma Nirbhar Clean Plant Programme to improve availability of disease-free quality planting material for high-value horticultural crops at an outlay of Rs 2,200 crore,” said FM Sitharaman.

During the speech the Finance Minister also proposed adequate funds to scrap old vehicles of the central government.

She said that the state government will also be supported in replacing old vehicles and old state ambulances.

"The plan to scrap old, polluting vehicles of the Central and State Governments is a right step to reduce pollution and create a demand for EVs. This would also bring the Government a step closer to the vision of 100% EVs by 2030" Dinesh Kumar- Partner, Indirect Tax - BDO India said.

She said that 500 new Waste to Wealth Plants under GOBARDAN scheme will be established for promoting the circular economy, this would be done with an investment of Rs. 10000 crores.

To encourage sustainable development, Sitharaman said, "Green Credit Programme to be notified under Environment Protection Act, to encourage environmentally sustainable and responsible actions by companies, individuals and local bodies, and help mobilize resources for such activities".

The Finance minister also proposed to launch the PM Programme for Restoration, Awareness, Nourishment and Amelioration of "Mother Earth" to incentivize states and UTs to develop alternative fertilizers and balanced use of chemical fertilizers.

Touching upon the topic of sustainable farming, she said that over next 3 years, 1 crore farmers will be supported to adopt natural farming and for this, 10,000 bio input resource centres will be set up, creating a national level distributed micro fertilizer and pesticide manufacturing network.

On India's forestation initiatives, the Minister said, "Mangrove Initiative for Shoreline Habitats and Tangible Incomes (MISHTI) to be taken up for mangrove plantation along coastline, wherever feasible through convergence with MNREGA and other sources.

Amrit Darohar scheme to be implemented over next 3 years, to encourage optimal use of wetlands, enhance biodiversity, carbon stock, ecotourism opportunities and income for local communities". (UNI)