Union Budget empowers India’s energy transition journey and fight Climate change: RK Singh

New Delhi: Union Power Minister RK Singh hailed the Union Budget and said it is a step towards innovative and sustainable development in New India to strengthen our energy transition journey and fight climate change. 

Calling the Budget  2022-23 a ” forward-looking” he said  Aatmanirbhar Bharat Ka Budget has laid the blueprint for India’s Amrit Kaal, covering areas like infrastructure, digitisation, agriculture, fiscal management, technology, and manufacturing. “The government aims to attain the vision of promoting energy transition and climate action during the Amrit kaal” he said. 

 Commenting on the Budget, Prateek Sharma, Vice-Chancellor, TERI School of Advanced Studies, said, The budget duly endorses India’s commitment towards reducing the carbon footprint. There has been an increase in budgetary allocation to the Environment Ministry.” Similarly, increased allocation to National Mission for Green India is a welcome step which indicates a commitment towards the government’s Green initiative” he said.  

Prateek also said that the budget has the potential to create employment prospects and pave the way for a developmental trajectory that is sustainable. It is a step in the right direction towards achieving several of the SDGs.

While presenting the Union Budget 2022-23 in Parliament on Tuesday Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, laid emphasis on the vision of promoting energy transition and climate action during the Amrit kaal and put this as one of the important priorities of the country for moving forward.“The risks of climate change are the strongest negative externalities that affect India and other countries”, the Union Finance Minister said while addressing the Parliament. 

“The low carbon development strategy, announced by the Prime Minister, as an important reflection of our government’s strong commitment towards sustainable development” she reiterated.
The ministry said, this strategy opens up huge employment opportunities and the budget proposes several near-term and long-term actions in this regard.
The Budget has proposed an additional allocation of Rs. 19,500 crore for Production Linked Incentive for the manufacture of high-efficiency modules. This will also ensure the domestic manufacturing required for achieving the ambitious goal of 280 GW of installed solar capacity by 2030.
As a part of the government’s overall market borrowings in 2022-23, sovereign Green Bonds will be issued for mobilizing resources for green infrastructure.
 The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy