Budget 2024 & Sustainability: The Finance Minister, in her last budget before national elections, has unveiled a number of proposals, from viability gap funding to offshore wind and expansive rooftop solar plans, that could set India firmly on the path to a sustainable destiny
In an encouraging move towards a cleaner and more sustainable future, the Union Budget 2024 has introduced a slew of proposals aimed at addressing India's commitment to sustainability. From viability gap funding for offshore wind to ambitious targets for rooftop solar, the Budget outlines a comprehensive plan for inclusive growth and development.
Viability Gap Funding Boosts Offshore Wind:
Finance Minister Nirmala Sitharaman announced that the government is committed to offering viability gap funding for the development of 1 GW of offshore wind energy. With a national target of achieving 500 GW of renewable energy capacity by 2030, the viability gap funding will specifically support the harnessing of 1 GW of offshore wind energy, aligning with the broader goal of achieving net-zero emissions by 2070.
Additionally, she emphasised the government's readiness to aid states in the accelerated development of aspirational districts and blocks. Experts have lauded the Budget's announcement of viability gap funding for offshore wind projects as a crucial step towards meeting India's net-zero commitment.
Rooftop Solar Takes Centre Stage:
The Budget's focus on rooftop solar emphasises the active role Indian citizens will play in the country's energy transition. The Council on Energy, Environment, and Water (CEEW) estimates that 20–25 GW of rooftop solar capacity will be supported through the solarisation of 1 crore households.
Inclusive Growth through Sustainable Initiatives:
The Budget for 2024 underscores a commitment to inclusive growth and sustainable development. The roadmap to achieving the Nationally Determined Contributions (NDC) of Net Zero by 2070 includes mandatory blending of Compressed Natural Gas (CNG), Piped Natural Gas (PNG), and Compressed Bio-Gas (CBG). Financial assistance for Biomass aggregation machinery is also provided, promoting sustainable agricultural practices.
Green Transportation and Logistic Efficiency:
In a bid to reduce the carbon footprint, the Budget allocates resources for the implementation of e-buses and metro systems for public transportation. Additionally, introducing three major railway corridors aims to improve logistics efficiency, thereby reducing costs associated with transportation. These initiatives align with the vision of a cleaner and greener India, emphasising the importance of sustainable public and freight transport practices.
The Union Budget 2024 stands as a testament to the government's commitment to a sustainable and environmentally responsible future, bringing together a comprehensive set of measures to address the challenges of climate change and promote inclusive growth.