Decoding Budget 2023: The Impact on India's Green Push

Finance Minister Nirmala Sitharaman made key announcements to enhance India's energy transition.

While presenting the Union Budget on Wednesday, 1 February, Finance Minister Nirmala Sitharaman said that India is swiftly moving towards reaching its net-zero target by 2070.

(Photo: The Quint)

While presenting the Union Budget 2023 on Wednesday, 1 February, Finance Minister Nirmala Sitharaman said that India is swiftly moving towards reaching its net-zero target by 2070. Net-zero target or carbon neutrality can be achieved by balancing emissions of carbon dioxide with its removal or by eliminating emissions from society.

In her speech, Sitharaman announced that the National Green Hydrogen Mission, which has been allocated Rs 19,700 crore, will facilitate the transition of the economy into a low-carbon intensity and green economy.

"The recently launched National Green Hydrogen Mission, with an outlay of 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," Sitharaman said in Parliament.

Government's Plan To Boost Green Energy Transition: Key Highlights From FM's Speech

• Green credit programme will be notified under the Environment Protection Act (EPA) – 1986.

• Rs 35,000 crore has been set aside for priority capital investment towards energy transition and net zero objective.

• Government is targeting 5 Million Metric Tons (MMT) of Green Hydrogen production by 2030.

• Government to support the setting up of battery energy storage of 4,000 MwH.

• Green credit programme will be notified to incentivise environmentally sustainable and responsible actions by companies.

• Government is to take up mangrove plantation along the coastline under the new MISHTI scheme.

• Government is looking to promote conservation values through a scheme to encourage optimal use of wetlands.

• Allocating adequate funds for scrapping old polluting vehicles of the government.