Budget 2024: Sitharaman unveils India's plan to achieve net zero target by 2070 with focus on green energy
Budget 2024: Nirmala Sitharaman announces plans to achieve net zero by 2070 target
Indian Finance Minister Nirmala Sitharaman on Thursday (Feb 1) announced a number of plans to steer the country towards its commitment of net zero target by 2070 as the interim budget2024was tabled in the Parliament.
‘Viksit Bharat’
“Our vision for Viksit (Advanced) Bharat is that of a prosperous Bharat…in harmony with nature and modern infrastructure, and providing opportunities for all to reach their potential,” said Sitharaman, during her speech.
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This was in line with Prime Minister Narendra Modi'svision for ‘Viksit Bharat’which involves several aspects of development, including economic growth and environmental sustainability.
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The Indian finance minister also spoke about how the government will adopt economic policies that foster and sustain growth and facilitate inclusive and sustainable development.
Focus on green energy
In the interim Budget, the finance minister has allocated significant resources to bolster the green energy sector including a viability gap funding to harness offshore wind energy, setting up coal gasification and liquefaction projects, and so on.
The gap funding would be used for the development of one gigawatt (GW) of offshore wind energy, which would reduce India’s reliance on fossil fuels.
Additionally, the Indian government also plans to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes (MT) by 2030, which will help reduce imports of natural gas, methanol, and ammonia.
The government has said that it would mandate the blending of Compressed BioGas (CBG) in Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. These measures are aimed at reducing carbon emissions and improving air quality.
Financial assistance would be provided for the procurement of biomass aggregation machines to support collection, which could help ramp up the production of bioenergy – a renewable energy derived from biomass, which also contributes to climate change mitigation.
The interim Budget also includes the introduction of a new scheme of bio-manufacturing and bio-foundry to promote green growth. This, Sitharaman said “will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.”
Additionally, the scheme would also help transform “today’s consumptive manufacturing paradigm to the one based on regenerative principles.”
The government has also announced plans toexpand and strengthen the e-vehicle ecosystem by supportingmanufacturing and charging infrastructure in the country.
According toSitharaman,through rooftop solarisation more than 10 million (one crore)households will be enabled to obtain up to 300 units of free electricity every month.
What is Blue Economy 2.0?
During her speech, the Indian finance minister unveiled plans for the launch of Blue Economy 2.0 which is aimed at promoting climate-resilient activities and sustainable development in coastal areas.
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The scheme will focus on “restoration and adaptation measures” and the expansion of coastal aquaculture and mariculture with an integrated and multi-sectoral approach.
Notably, the Blue Economy, which involves sustainable use of ocean resources and coastal areas for economic growth has emerged as a new area of focus in sustainable development.
(With inputs from agencies)