Budget on Green Growth

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    In News

    • Recently the Ministry of Finance listed priorities for Green Growth in the Budget submission for 2022-2023.

    Key Takeaways:

    • The Union ministry has listed a series of seven initiatives from green hydrogen to mangroves protection to green credit to replacement of polluting vehicles.
    • These principles complement each other and act as the ‘Saptarishi’ guiding India through the Amrit Kaal.
    • Previously, the Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.
    • India was moving towards the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition.

    Push for Green Growth:

    Schemes

    Important features

    Green Hydrogen Mission

    • National Green Hydrogen Mission was launched with an outlay of Rs 19,700 crores
    • It aims to transition the economy to low carbon intensity
    • It will help reduce dependence on fossil fuel imports
    • It will make India assume technology and market leadership in this sunrise sector
    • It also aims to reach a target of an annual production of 5 MMT of green hydrogen by 2030

    Energy Transition

    • 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
    • It will support Energy Storage Projects, Battery Energy Storage Systems with capacity of 4,000 MWH with Viability Gap Funding
    • A detailed framework for Pumped Storage Projects will also be formulated

    Renewable Energy Evacuation

    • Will construct Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh with investment of Rs 20,700 crore

    Green Credit Programme

    • A Green Credit Programme will be notified under the Environment (Protection) Act
    • It will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies
    • It will 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
    • It will incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers

    GOBARdhan scheme

    • 500 new ‘waste to wealth’ plants under GOBARdhan scheme will be established
    • It will include 200 compressed biogas (CBG) plants, including 75 in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore

    Bhartiya Prakritik Kheti Bio-Input Resource Centres

     

    • Facilitating over the next three years 1 crore farmers to adopt natural farming
    • Setting up 10,000 Bio-Input Resource Centres

    MISHTI

    • Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI) will be taken up for mangrove plantation

    Amrit Dharohar

    • Promoting conservation of wetlands through Amrit Dharohar
    • Encouraging optimal use of wetlands, enhancing bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities

    Coastal Shipping

    • Coastal shipping will be promoted as the energy efficiency and lower cost mode of transport, both for passengers and freight and Vehicle Replacement
    • Allocating adequate funds to scrap old vehicles of the Central Government
    • States will also be supported in replacing old vehicles and ambulances.

    Way ahead

    • Green growth is crucial for India as it offers a pathway for sustainable economic development while preserving the environment. 
    • In India, green growth can address challenges such as air pollution, water scarcity, and climate change. Adopting green growth strategies can increase the use of renewable energy, promote resource efficiency, and support sustainable agriculture, resulting in a more inclusive and sustainable development. 
    • The shift towards green growth can also create new job opportunities in the fields of renewable energy and sustainable agriculture. Overall, green growth is essential for India’s economic and environmental well-being.

    Source: IE