Budget 2024 & Sustainability: India's Finance Minister has announced a comprehensive "Green Growth" plan in Budget 2024, focused on achieving the country's Net Zero target by 2070. The plan includes significant resources for offshore wind energy, coal gasification and biogas blending, electric vehicles, and bio-manufacturing
As a step towards promoting a sustainable future in India, Finance Minister Nirmala Sitharaman has introduced a comprehensive plan to achieve the nation's ambitious Net Zero target by 2070 in Budget 2024. This announcement has been made as a part of the Union Budget 2024, which emphasises "Green Growth".
The finance minister has allocated significant resources to support the green energy sector, focusing on exploring India's massive offshore wind energy potential.
One of the notable initiatives includes viability gap funding for developing 1 gigawatt (GW) of offshore wind energy. This project is expected to play a crucial role in diversifying India's renewable energy portfolio and reducing its dependence on fossil fuels.
Another critical strategy component is the ambitious goal to set up coal gasification and liquefaction projects capable of processing 100 metric tonnes by 2030. This move is poised to diminish India's import dependency on natural gas, methanol, and ammonia while promoting cleaner energy sources.
To reduce carbon emissions further, the government plans to mandate the blending of biogas with compressed natural gas (CNG) for transportation and piped natural gas for domestic use. This policy is expected to improve air quality and boost the biogas industry, contributing to the circular economy.
Financial support will be provided for procuring biomass aggregation, which is essential for bioenergy production. This step will likely encourage farmers to participate in the bioenergy supply chain, creating a sustainable and profitable model for agricultural waste management.
The electric vehicle (EV) ecosystem is set to receive a significant push, with the government's intention to expand and strengthen manufacturing capabilities and charging infrastructure. This is anticipated to accelerate the adoption of EVs across the country, reducing greenhouse gas emissions from the transport sector.
The government means to encourage the adoption of electric buses to reduce urban pollution and foster sustainable public transportation.
A new programme focusing on biomanufacturing and foundry is set to launch. The main objective of this initiative is to promote innovation and green growth in the biotechnology industry. It is expected to transform the current manufacturing system, which is consumptive, into one that is regenerative, in line with the global trend towards sustainability.
These comprehensive measures are aimed at India's proactive approach to combating climate change and its dedication to achieving a net-zero carbon footprint by 2070.