Budget 2023: Key Takeaways for the environment

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Nirmala Sitharaman, the finance minister, declared that India is making rapid progress towards its goal of becoming Net-Zero by 2070. During her budget speech, she revealed the National Green Hydrogen Mission, which has a budget allocation of Rs 19,700 crore, will play a key role in transforming the economy into a low-carbon and green environment.

The finance minister’s Budget 2023 focuses on green growth, here is what it has for the environment: –

  • The National Green Hydrogen Mission aims to reduce the economy’s carbon intensity and dependence on fossil fuel imports.
  • The hydrogen mission target is to produce 5 MMT annually by 2030.
  • Rs 35,000 crore has been allocated for priority energy transition investments towards net-zero objectives.
  • Battery energy storage systems will receive viability gap funding.
  • A framework for pump storage projects was announced.
  • An inter-state transmission system for evacuating and integrating 13 GW of renewable energy from Ladakh will be built with an investment of Rs 20,700 crore.
  • A green credit program will be notified under the Environment Protection Act to encourage environmentally-friendly actions by individuals and companies.
  • PM-PRANAM, a program to promote alternative fertilizers and balanced use of chemical fertilizers, will be launched.
  • 500 new waste-to-wealth plans under the Govardhan scheme will be announced to promote a circular economy.
  • One crore farmers will be supported to adopt natural farming.
  • The Mangrove Initiative for Shoreline Habitats and Tangible Incomes (MISHTI) will be launched to build on India’s afforestation success.
  • The Amrit Darohar scheme will be implemented to promote conservation values, enhance eco-tourism, and generate income for local communities.
  • Coastal shipping will be promoted as a lower-cost, energy-efficient mode of transport through PPP model.
  • The FM stated that replacing old, polluting vehicles is crucial to greening the economy, and adequate funds will be allocated to scrap old vehicles of the central and state governments and ambulances.