Govt aims to boost energy shift and combat climate change

The government strives to achieve the vision of encouraging energy growth and climate action during the Amrit Kaal. Budget 2022 has laid the blueprint for India’s Amrit Kaal and is a step towards innovative and sustainable development in New India to bolster their Energy Shift journey and combat climate change.

While presenting the Union Budget 2022-23 in Parliament, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman highlighted this idea and put the same as one of the crucial priorities of the nation for moving forward.

Speaking on the budget, particularly on requirements for the Power and renewable energy sector Union Minister for Power and Minister for New and Renewable Energy (MNRE) Shri R.K Singh congratulated the Finance Minister on a forward-looking Union Budget 2022-23. Aatmanirbhar Bharat Ka Budget of 2022 has laid the blueprint for India’s Amrit Kaal, including areas such as digitisation, fiscal management, infrastructure, agriculture, technology & manufacturing.

Budget 2022 is a step towards innovative & sustainable development in New India to bolster their Energy Shift journey and combat climate change.

The significant points for the Power and renewable energy sector in the Budget 2022-23 are co-firing 5 to 7% biomass pellets in thermal power facilities as presented by the Union Minister that will lead to Carbon dioxide savings of 38 MMT yearly. It will additionally render extra income to farmers and job opportunities to locals and help evade stubble burning in agriculture fields.

Four pilot projects for coal gasification and transformation of coal into chemicals needed for the industry have additionally been planned to develop technical and financial viability. Energy efficiency and saving measures through installing the Energy Service Company (ESCO) business model in large commercial buildings will promote capacity building and awareness for energy audits, performance contracts, and common measurement & verification protocol.

Viewing the limitation of space in urban regions for installing charging stations at scale, a battery swapping policy will be brought out and interoperability standards will be formulated. The private sector will be encouraged to develop sustainable and innovative business models for batteries or energy as a service. It will enhance efficiency in the electric vehicles (EV) ecosystem.

As a part of the government’s overall market borrowings in 2022-23, sovereign Green Bonds will be released for mobilising resources for green infrastructure.The earnings will be deployed in public sector projects which help in decreasing the carbon intensity of the economy.

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