Budget 2023| Rs 35,000 crore for net-zero carbon emission target

The finance minister said that the Centre will take forward the vehicle scrapping policy mentioned in Budget 2021-22 by allocating adequate funds to scrap old vehicles of the central government.

Image used for representational purpose only. (Express Illustrations)

NEW DELHI:  One of the major highlights of Budget 2023-24 was the focus on green energy. Reiterating India’s commitment to meet the target of achieving net-zero carbon emission by 2070, Union finance minister Nirmala Sitharaman allocated Rs 10,222 crore for the renewable energy sector and Rs 35,000 crore to the Ministry of Petroleum & Natural Gas  for energy storage projects. 

The Budget has earmarked Rs 297 crore for the National Green Hydrogen Mission. The FM said the government would facilitate transition of the economy to low-carbon intensity, reduce dependence on fossil fuel imports and make the country assume technology and market leadership in this sunrise sector.
She said the country targets to produce 5 mmt green hydrogen by 2030. The Cabinet had in January 2023 approved Rs 19,700 crore for the National Green Hydrogen Mission.

“We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, green equipment, and policies for efficient use of energy across various economic sectors. These green growth efforts help in reducing carbon intensity of the economy and provide for large-scale green job opportunities,” she added.

The government plans to construct an inter-state transmission system for evacuation and grid integration of 13 GW energy in Ladakh with an investment of Rs 20,700 crore, including Central support of Rs 8,300 crore. It will also support battery energy storage systems with a total capacity of 4,000 MWh through viability gap funding. 

The finance minister said that the Centre will take forward the vehicle scrapping policy mentioned in Budget 2021-22 by allocating adequate funds to scrap old vehicles of the central government. States will also be supported in replacing old vehicles and ambulances, Sitharaman added.

The government’s efforts since 2014 have ensured for all citizens a better quality of living and a life of dignity. The per capita income has more than doubled to Rs 1.97 lakh.