Climate change risks strongest negative externalities: Budget 2022-23

Circular economy transition to increase productivity and opportunities in new businesses and jobs

GN Bureau | February 1, 2022


#ecnvironment   #climate change   #welfare   #Nirmala Sitharaman   #finance minister   #finance ministry   #budget   #Economy   #circular economy  
Budget documents brought in the Parliament House premises under security on Tuesday
Budget documents brought in the Parliament House premises under security on Tuesday

The government aims to attain the vision of promoting energy transition and climate action during the “Amrit kaal”. While presenting the Union Budget 2022-23 in Parliament Tuesday, Finance Minister Nirmala Sitharaman laid emphasis on this vision and put the same as one of the important priorities of the country for moving forward.

Energy Transition and Climate Action
 
“The risks of climate change are the strongest negative externalities that affect India and other countries”, she said while addressing the Parliament. She reiterated the low carbon development strategy, announced by the Prime Minister, as an important reflection of our government’s strong commitment towards sustainable development.

This strategy opens up huge employment opportunities and the budget proposes several near-term and long-term actions in this regard.

Solar Power

The Finance Minister has proposed an additional allocation of Rs. 19,500 crore for Production Linked Incentive for 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.

Circular Economy

“The Circular Economy transition is expected to help in productivity enhancement as well as creating large opportunities for new businesses and jobs”, the Union Minister said while highlighting the importance of Circular Economy. She mentioned that the focus now will be on addressing important cross cutting issues of infrastructure, reverse logistics, technology up-gradation and integration with informal sector.

“This will be supported by active public policies covering regulations, extended producers’ responsibilities framework and innovation facilitation,” the Minister added.

Read more on circular economy: Harnessing the Power of Circular Economy through Budget 2022-23
http://www.governancenow.com/views/columns/harnessing-the-power-of-circular-economy-through-budget-202223

Transition to Carbon Neutral Economy

Co-firing of five to seven per cent biomass pellets in thermal power plants has been proposed by Union Minister that will result in CO2 savings of 38 MMT annually. ”This will also provide extra income to farmers and job opportunities to locals and help avoid stubble burning in agriculture fields”, the Finance Minister added.
 
Energy efficiency and saving measures through setting up of Energy Service Company (ESCO) business model in large commercial buildings will also facilitate capacity building and awareness for energy audits, performance contracts, and common measurement & verification protocol.
 
Four pilot projects for coal gasification and conversion of coal into chemicals required for the industry have also been proposed to evolve technical and financial viability.

 

Comments

 

Other News

“I wrote ‘Survival at Stake’ to provide food for thought about solutions”

Survival at Stake: How Our Treatment of Animals Is Key to Human Existence By Poorva Joshipura HarperCollins, 328 pages, Rs 499 With science now recognising animal consciousness, intelligence, emotion, and even morality, there must rise an awareness of

‘Bon Voyage’ through the Arctic: Exploring new horizons for India

India`s tryst with trade through the Arctic regions, including the Northern Sea Routes (NSR), has become an impact-making endeavor recently. The Arctic of yore is now a pivot – point of geopolitics, of climate change discussions, and for economic opportunities; 40% of oil and gas reserves said to be

Demystifying Contemporary Finance Theory and other lessons in investment

Investing Decoded: Simple Path To Building A Portfolio In Millions By Anirudh Rathore Penguin India, 320 pages, Rs 499

Deepfake: India to prepare four-point action plan

Deepfake has emerged as a serious threat to democracy and social institutions across the world. Propagation of deepfake content via social media platforms has aggravated this challenge. Ministry of Electronics and Information Technology (MeitY) has, from time to time, advised social media in

Mumbai traffic: Let’s use some simple math

Two level of roads not enough, BMC to have triple traffic jams through underground junctions There is no shortage of short-sighted traffic experts who believe that creating more vertical space (either above or below the level) in already overcrowded and congested cities will be cou

Seizures worth Rs. 1,760 crore reported in five poll-bound states

The Election Commission of India’s persistent efforts have led to a significant and exponential increase in seizures in the five poll-going states of Mizoram, Madhya Pradesh, Chhattisgarh, Rajasthan and Telangana. Seizures over Rs 1,760 crore have been reported in these five states since the announce

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter