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
Report Highlights Pathway for Electrifying Nigeria’s Container Trade Sector
South Korean Company YPP Plans to Invest up to $3.1 Billion in Green Hydrogen Production in Kazakhstan
WattEV Expands Electric Truck Charging Network with Three New Depots in California
Anemoi Develops New Method to Accurately Measure Wind-Assisted Propulsion Benefits
Navigator Holdings and Amon Maritime Form Joint Venture for Ammonia-Fuelled Carrier Fleet
Hygenco Commissions Maharashtra’s First Green Hydrogen and Oxygen Facility to Power STL’s Net Zero Goals
India Invites Second Round of R&D Proposals Under ₹4 Billion Green Hydrogen Mission
BMTC Adds 148 Tata Electric Buses to Bengaluru Fleet, Strengthens Green Mobility Drive