Union Finance Minister Nirmala Sitharaman said “Green Growth” will be one of the seven priority sectors (“Saptarishi”) of the Union Budget 2023. “Green growth” priority sector will include multiple programmes on green fuel, green energy, green farming, green mobility, green buildings and green equipment. This will also include policies for efficient use of energy across various sectors, Sitharaman said.
The finance minister said that the Budget 2023 builds on a focus to green growth. The National Green Hydrogen Mission will facilitate the transition of the economy to low carbon intensity and reduced dependence on fossil fuel imports. Target for the hydrogen mission is to reach annual production of 5 MMT by 2030.
Rs 35,000 crore allocated for priority investment towards energy transition, net-zero objective. Battery energy storage systems will be supported with viability gap funding. Inter-state transmission system for evacuation, grid integration of 13 GW of renewable energy from Ladakh to be constructed with investment of Rs 20,700 crore. Framework for pump storage projects announced.
FM announces replacing old polluting vehicles is an important part of greening the economy. Adequate funds are to be allocated to scrap old vehicles of the central government, state government and ambulances. Coastal shipping to be promoted as an energy efficient and lower cost mode of transport through the PPP model.
