While presenting the Union Budget 2022-23 in Parliament, Union Minister for Finance and Corporate Affairs, emphasised this objective and listed it as one of the country’s primary concerns for the future. As per the statement, climate change threats are the most severe negative externalities that affect India and other countries. The Union Minister reaffirmed the Prime Minister’s low-carbon development policy as a vital representation of our government’s strong commitment to sustainable development. This plan creates a lot of job chances, and the budget recommends a number of short- and long-term activities in this area.
For solar power, the Finance Minister has proposed an additional Rs. 195 billion for a production-linked incentive for high-efficiency module manufacturing. This would also provide the domestic manufacturing required to meet the ambitious 2030 objective of 280 GW of solar capacity installed. In addition, the transition to a Circular Economy is predicted to boost productivity while also opening up new business and career opportunities. The focus now, according to the Union Minister, would be on major cross-cutting concerns such as infrastructure, reverse logistics, technology upgrade, and integration with the informal sector.
Union Minister has also proposed co-firing of five to seven percent biomass pellets in thermal power plants, which would save 38 MMT of carbon dioxide annually. Capacity creation and awareness for energy audits, performance contracts, and a standard measurement and verification process will be facilitated by establishing an Energy Service Company business model in large commercial buildings.