Driving inspiration from the Prime Minister’s words on NetZero 2070, the 2022 Union Budget continued the trend of India’s public expenditure being increasingly greener, with a slew of measures focusing on green energy, renewables, and electric vehicles.
The 2022 Union Budget, for its ambitious clean energy financing needs, unveils Sovereign Green Bonds, which will majorly go towards installing five hundred Gigawatts of non-fossil fuel power by 2030.
The PLI Scheme for high-efficiency solar cell manufacturing seeks to bolster India’s domestic solar cell industry, and India’s extensive coal reserves can be used in a green way by the use of coal gasification and coal to chemical plants- both of which find a mention in the 2022 Union Budget.
In a similar vein, a battery swapping policy has been announced with interoperability being emphasized, and no fossil fuel areas for India’s urban centres are on the cards. Similar incentives exist for setting up charging stations in India, and building on pre-existing measures for EV manufacturers and charging providers. In a similar vein, biomass pellets will be co-fired in thermal power plants, which goes towards reducing pollution caused due to stubble burning.
Another key announcement includes making provisions for private forestry and agri-forestry, which points towards a liberalizing commercial forestry regulatory scheme. Overall, the 2022 Union Budget balances practical considerations with access to clean technology and a strong push towards sustainability.
Source: https://www.investindia.gov.in
Tags: Green Bonds, PLI Scheme, Union Budget 2022
Recent Posts
Blue Marlin Becomes First Inland Cargo Vessel with Solar-Assisted Propulsion
ABB and Royal Caribbean Partner on 15-Year Deal to Drive Vessel Efficiency and Decarbonization
IET Establishes Centres of Excellence for Green Hydrogen and Electric Vehicle Research
SECI Cancels Green Hydrogen Hub Tender, Pauses Momentum on Flagship Mission
India Pushes Green Shipping and Sustainable Waterways in Northeast with ₹5,000 Crore Investment
Himachal Pradesh Plans Major Boost to Public Transport with E-Buses and Digital Upgrades
Ammonia-Fueled Container Feeder Design Marks Progress in Maritime Decarbonisation
ABS Develops Industry-Leading EV Battery Fire Simulation Modeling