Finance Minister Nirmala Sitharaman has laid out an ambitious plan in Budget 2024 to lead India towards a cleaner and greener future. The main goal is for India to achieve a Net Zero carbon footprint by 2070.
Offshore Wind Energy Takes the Spotlight
The finance minister has allocated substantial resources to boost the green energy sector, with a special focus on tapping into India’s abundant offshore wind energy potential. One significant initiative involves providing financial support for the development of 1 gigawatt (GW) of offshore wind energy.
This move is expected to play a crucial role in expanding India’s use of renewable energy and decreasing reliance on fossil fuels.
Transforming Coal into Cleaner Energy
A key component of the strategy is the ambitious target to establish coal gasification and liquefaction projects capable of processing 100 metric tonnes by 2030. This initiative aims to reduce India’s dependency on imported natural gas, methanol, and ammonia while promoting cleaner energy sources.
Blending Biogas for Cleaner Transportation
To further cut down on carbon emissions, the government plans to make it mandatory to blend biogas with compressed natural gas (CNG) for transportation and piped natural gas for domestic use. This policy is not only expected to improve air quality but also boost the biogas industry, contributing to a circular economy.
Supporting Farmers in Bioenergy Production
Financial assistance will be provided to support the procurement of biomass aggregation, which is crucial for bioenergy production. This step aims to encourage farmers to actively participate in the bioenergy supply chain, creating a sustainable and profitable model for managing agricultural waste.
Electric Vehicle Revolution Gets a Boost
The electric vehicle (EV) ecosystem is set to receive a significant push, with the government aiming to expand and strengthen manufacturing capabilities and charging infrastructure. This move is anticipated to accelerate the adoption of EVs across the country, reducing greenhouse gas emissions from the transport sector.
Promoting Sustainable Public Transportation
To promote the use of electric buses, the government is keen on encouraging their greater adoption. This initiative will contribute to reducing urban pollution and fostering sustainable public transportation.
BioManufacturing and BioFoundry Scheme
A new scheme focusing on biomanufacturing and biofoundry is set to be launched, aiming to promote green growth and innovation in the biotechnology sector. This initiative is expected to transform the current manufacturing paradigm into one based on regenerative principles, aligning with global trends towards sustainability.
Positive Takeaway
India’s proactive approach outlined in Budget 2024 reflects a strong commitment to combating climate change. The comprehensive measures announced demonstrate the nation’s dedication to achieving a net-zero carbon footprint by 2070, paving the way for a cleaner, greener, and more sustainable future.
These initiatives not only address environmental concerns but also have the potential to stimulate economic growth, create job opportunities, and position India as a leader in the global transition towards a more sustainable world.
