Budget 2024-25 Priorities: Commitment to Sustainable Development and 'Net Zero' by 2070

In a significant stride towards sustainable development, India has reaffirmed its commitment to achieving 'Net Zero' emissions by 2070. This ambitious target aligns with global efforts to mitigate climate change and transition towards a greener, more sustainable future. To realize this goal, several key initiatives and strategies have been outlined, focusing on renewable energy, clean transportation, and environment-friendly alternatives. 

1. Viability Gap Funding for Wind Energy: To encourage the adoption of renewable energy sources, the government will provide viability gap funding for wind energy projects. This financial support aims to bridge the affordability gap and make wind energy projects more economically viable, thereby accelerating the transition towards clean energy production. 

2. Setting up of Coal Gasification and Liquefaction Capacity: In a move towards cleaner energy production, the establishment of coal gasification and liquefaction capacity will enable the conversion of coal into cleaner forms of energy such as synthetic natural gas and liquid fuels. This initiative not only reduces emissions from traditional coal-based industries but also contributes to diversifying the energy mix and enhancing energy security. 

3. Phased Mandatory Blending of CNG, PNG, and Compressed Biogas: The phased mandatory blending of compressed natural gas (CNG), piped natural gas (PNG), and compressed biogas into the existing fuel mix will reduce reliance on fossil fuels and promote the use of cleaner, more sustainable alternatives. This blending strategy aims to lower emissions from transportation and household energy consumption, contributing to improved air quality and reduced environmental impact. 

4. Financial Assistance for Procurement of Biomass Aggregation Machinery: To promote biomass-based energy production, financial assistance will be provided for the procurement of biomass aggregation machinery. This support will enable the efficient collection and processing of biomass feedstock, facilitating the expansion of biomass energy generation and reducing dependence on fossil fuels. 

5. Rooftop Solarization and Free Electricity for Households: Under the rooftop solarization initiative, one crore households will be enabled to install rooftop solar panels, allowing them to generate up to 300 units of free electricity per month. This initiative not only promotes the adoption of renewable energy at the grassroots level but also empowers households to reduce their electricity bills and contribute to sustainable energy production. 

6. Adoption of E-Buses for Public Transport: In line with efforts to decarbonize the transportation sector, the adoption of electric buses (e-buses) for public transport networks will reduce emissions from urban transportation and improve air quality in cities. This transition towards electric mobility supports sustainable urban development and promotes cleaner, more efficient public transportation systems. 

7. Strengthening E-Vehicle Ecosystem: To support the widespread adoption of electric vehicles (EVs), the government will focus on strengthening the e-vehicle ecosystem by supporting domestic manufacturing and expanding charging infrastructure. This initiative aims to accelerate the transition towards electric mobility and reduce emissions from the transportation sector. 

8. New Scheme for Biomanufacturing and Bio-Foundry: A new scheme for biomanufacturing and bio-foundry will be launched to support the development and adoption of environment-friendly alternatives. This initiative will promote research and innovation in bio-based manufacturing, offering sustainable solutions across various industries and sectors. 

Key Achievements in Sustainable Development:

• Non-fossil fuel installed electricity capacity has witnessed a significant increase, reaching 43.9% in November 2023, compared to 30.4% in 2004 and 32.3% in 2014. 
• Over 10 crore LPG connections have been released under the Pradhan Mantri Ujjwala Yojana (PMUY), promoting clean cooking fuel access and reducing reliance on traditional biomass. 
• The distribution of 36.9 crore LED bulbs, 72.2 lakh LED tube lights, and 23.6 lakh energy-efficient fans under the UJALA scheme has contributed to energy conservation and reduced electricity consumption. 
• Additionally, 1.3 crore LED street lights have been installed under the Street Lighting National Programme (SNLP), enhancing energy efficiency and promoting sustainable urban lighting solutions. 

In conclusion, India's commitment to sustainable development and achieving 'Net Zero' emissions by 2070 reflects its proactive stance towards combating climate change and fostering a greener, more sustainable future. Through a combination of policy initiatives, financial support, and technological innovations, India is poised to transition towards a low-carbon economy while addressing environmental challenges and promoting inclusive growth.

Sat Feb 3, 2024