Budget 2022 is a step towards New India’s quest for innovative and sustainable growth in order to deepen our Energy Transition and address climate change says Shri R.K. Singh
During the Amrit Kaal, the government hopes to implement its vision of fostering energy transition and climate action. Smt. Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs emphasized this vision and listed it as one of the country’s top goals for the future while delivering the Union Budget 2022-23 in Parliament today.
“Congratulations to Finance Minister on a forward-looking Union Budget 2022-23. Aatmanirbhar Bharat Ka Budget of 2022 has laid the blueprint for India’s Amrit Kaal, covering areas like infrastructure, digitization, agriculture, fiscal management, technology & manufacturing. Budget2022 is a step towards innovative & sustainable development in New India to strengthen our Energy Transition journey and fight climate change.”Union Minister for Power and MNRE Shri R.K Singh said.
Transition to a Carbon-Neutral Economy; Budget 2022-23 Highlights for the Power and Renewable Energy Sector:
- The Union Minister has proposed co-firing five to seven percent biomass pellets in thermal power plants, which will save 38 MMT of CO2 annually. This will also provide farmers with additional income and job opportunities, as well as help farmers, avoid stubble burning in their fields.
- To develop technical and economical viability, four pilot projects for coal gasification and conversion of coal into chemicals required by the industry have been proposed.
- 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 (ESCO) business model in large commercial buildings.
- Owing to the unavailability of space in metropolitan areas for establishing large-scale charging stations, a battery swapping policy and interoperability standards will be developed. The private sector will be urged to establish new and sustainable business models for ‘Battery or Energy as a Service.’ This will boost the EV ecosystem’s efficiency.
- In 2022-23, sovereign Green Bonds will be issued as part of the government’s broader market borrowings to fund green projects. The proceeds will be used to fund public-sector programs that reduce the economy’s carbon intensity.