India bets big on green tech: Budget 2023

by | Feb 7, 2023 | Home | 0 comments

India bets big on green tech: Budget 2023

In an effort to cut down on carbon intensity, meeting India’s clean energy target and committment, providing job opportunities in the green sector, the Indian Government has announced a number of measures to push “Green Growth” through its annual budget 2023. Finance Minister Nirmala Sitharaman made pertinent announcements related to initiatives connected with green farming, green fuel, green mobility, green equipment, and last but not the least green buildings. It is to be noted that policies aimed at efficient use of energy across the industry and the economy are also being brought into full force. “Green Growth” has been noted as one of the 7 priorities. India is trying to move toward net zero carbon emissions by the year 2070 in order to usher in this green economic and industrial transition. The green initiatives are as follows:
Green Hydrogen: An outlay of Rupees 19,700 cr is being set aside for the National Green Hydrogen Mission. It would facilitate transition to low carbon intensity economy, cut down on dependence of fossil fuels and make the nation take up technology as well as market leadership in this sector”. The target is to achieve annual production of 500 million metric tonnes of green hydrogen by the year 2030.
Energy transition: Budget 2023 provides for Rupees 35,000 cr for capital investment in net zero objectives, energy transition and energy security by the Govt. Outlay: Rupees 35,000 cr.
Battery Storage: To kickstart sustainable development, the govt announced funding for battery energy storage systems with capacity of 4000 MWh (megawatt hour). A framework for storage projects is being formulated.
Evacuation of renewable energy : Power generated by reevacuation facilities to be set to power grids for distribution. A transmission system for grid integration and evacuation to be constructed in Ladakh with spend of Rs. 20,700 cr, inclusive of central support of Rs. 8300 cr.
Green Credit Programme: To encourage behavioural change, the govt announced a Green Credit Programme, whcih will be notified under Environment Protection Act 1986 to incentivise sustainable actions by individuals, companies, and local bodies and mobilise resources for them.
Vehicle replacement: The govt talked about replacing old and polluting vehicles as part of greening of economy. Govt has given funds to discard old vehicles of the central government of India. Govt will support states in replacing old and polluting vehicles.

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About Sukarna Mondal

Editor-in-Chief and Founder at greenubuntu.com. I am an environmentalist, technology evangelist, fitness expert, actor, writer and editor. With more than 15 years in media, I want to be the catalyst for making the world green and rid it of disasters like global warming, climate change, green house effect, pollution, environment degradation, etc. I want to reduce the carbon footprint of humanity for a sustainable development model. I am the author of books such as Artificial Intelligence Made Simple: Learn How AI Is Going to Change Your Life Forever; JNU Days, etc. They are available on Amazon.in. My articles have been published on various mainline media platforms such as FirstPost, Forbes, TechStory, Greenpeace, The Hindu, Business World, DailyO, Inc. 42, CXO Today, Sify. Experfy, BBN Times.Com, etc. I love to write on tech, economy, films, arts and culture, and other diverse subjects. You can connect with me on LinkedIn, Twitter and Facebook.

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