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

GST revenue in May clocks 12% y-o-y growth

The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is ₹1,57,090 crore of which CGST is ₹28,411 crore, SGST is ₹35,828 crore, IGST is ₹81,363 crore (including ₹41,772 crore collected on import of goods) and cess is ₹11,489 crore (including ₹1,057 crore collecte

Need local solutions to climate change: P Velrasu of BMC

Climate change rising temperature and sea levels are posing new risks for coastal cities. With population growth rate of 1%- 2% in India every year, Mumbai too is growing and is population will double from 20 million to 40 million in the coming years. The city is also at the risk of rising sea level. It ne

Civil Services 2022 Top 20 felicitated

Union Minister of State (Independent Charge) for Science and Technology, MoS PMO, Department of Atomic Energy and Department of Space and MoS Personnel, Public Grievances and Pensions, Dr Jitendra Singh on Tuesday interacted with and felicitated the first 20 All India Toppers of IAS/ Civil Services Exam 20

Boost to offshore wind energy projects

In a major decision, the Government has decided to grant waiver of ISTS charges to Off-Shore Wind Projects and extend the waiver to Green Hydrogen/Green Ammonia. This decision has been taken to facilitate wider execution of offshore wind energy initiatives, to promote the expansion of Green Hydrogen / Gree

Duty of stakeholders to provide cost effective, alternate energy fuels: Gadkari

Urging use of alternative and cost effective fuels to reduce pollution caused by vehicles, union road transport and highways minister Nitin Gadkari on Thursday said finding cost-effective fuels is the need of the hour and underlined that use of fuels like bio-CNG and green hydrogen help in protecting the e

Record production of rice, wheat, and sugarcane estimated

The foodgrain production of 3305.34 lakh tonnes is estimated in the current agricultural year 2022-23 – higher by 149.18 LMT as compared to the previous year, according to the Third Advance Estimates of production of major crops released by the ministry of agriculture and farmers welfare.

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