The budget lays a strong foundation for sustainable development in India, with the goal of achieving net-zero emissions by 2070
NEW DELHI: The recent Union Budget 2023-24 budget announced by the Indian government has received praise from experts in the energy and renewable industries. Anil Chaudhry, Zone President of India and CEO of Schneider Electric India, highlights the government’s goal of net-zero emissions by 2070 and the allocation of Rs 35,000 crore for energy transition and decarbonization. Dr. Satish Kumar, President of the Alliance for an Energy Efficient Economy, also praises the budget for its emphasis on green job opportunities and the National Green Hydrogen Mission. RPV Prasad, CEO of Envision Wind Power Technologies India, adds that the budget’s commitment to green growth and stability in renewable energy supplies will boost the nation’s journey towards energy security.
Budget FY24 Lays Strong Foundation for Sustainable Development
The Indian government has allocated a significant budget of Rs 35,000 crore for energy transition and decarbonization in the FY24 budget, reaffirming its commitment to tackle the global climate crisis. The budget lays a strong foundation for sustainable development in India, with the goal of achieving net-zero emissions by 2070. The vision of ‘LiFE – Lifestyle for Environment’ is deeply ingrained in the budget and will support green growth in the country.
Anil Chaudhry, Zone President, India and CEO & MD of Schneider Electric India Pvt. Ltd, says, “Globally, India ranks fourth in installed renewable energy capacity and the budget will give a further fillip to the addition of capacities in areas like wind and solar. Key measures are being taken to support green growth, including viability gap funding for battery storage, renewable energy evacuation, National Green Hydrogen Mission, and green credit policy.”
The budget also includes an investment of Rs 10,000 crore for embracing a circular economy through the GOBARdhan scheme and setting up three centers of excellence for Artificial Intelligence. This will bridge the skill gap in the AI space and nurture talent to develop technologies of the future.
Prioritizing Green Growth and Energy Efficiency in India’s Quest for Net Zero Emissions
The FY24 budget of India is seen as a crucial step towards a greener future, according to Dr. Satish Kumar, President and Executive Director of Alliance for an Energy Efficient Economy (AEEE). The budget has placed a strong emphasis on implementing initiatives aimed at increasing energy efficiency and reducing carbon intensity, demonstrating the government’s commitment to fostering green growth in the nation.
The proposed allocation of INR 35,000 crore for energy transformation and net-zero emissions and INR 19,000 crore for the National Green Hydrogen Mission is expected to help India achieve its goal of net-zero emissions by 2070.
The budget also focuses on creating large-scale green job opportunities and transitioning towards a low-carbon economy. Dr. Kumar stated that the Honourable Prime Minister’s vision for Lifestyle for Environment (LiFE) will accelerate the country’s transition to a responsible and energy-secure future.
FY24 Budget Boosts India’s Journey to Green Growth
RPV Prasad, CEO of Envision Wind Power Technologies India Pvt. Ltd., has praised the recently announced FY24 budget for India, which he says has given a strong boost to the nation’s efforts towards green growth. The budget has outlined green growth as one of its seven major priorities, with a committed allocation of Rs. 35,000 crore to support energy transition and net zero objectives.
According to Prasad, the budget spells out measures to ensure stability in renewable energy supplies by introducing viability gap funding for battery energy storage systems and a detailed framework for pumped storage projects. These measures are expected to boost the setting up of hybrid renewable projects, increasing the share of renewable power in the overall energy mix.
“This budget is a significant step forward in India’s journey towards energy security and decarbonization of the economy,” said Prasad. “With the nation’s commitment to achieve net zero emissions by 2070, these measures will play a vital role in strengthening our efforts towards a sustainable future.”
Overall, the FY24 budget showcases the government’s commitment to green growth and a sustainable future for India.
(CopyRight@IndiaCSR)
