Major thrust planned for green energy

Source: The post is based on the article “Major thrust planned for green energy” published in The Hindu on 2nd February 2023.

What is the News?

The Finance Minister has announced a slew of measures for “Green Growth” while presenting the Union Budget.

What are the initiatives announced to promote Green Energy?

“Green Growth” has been listed as one of the seven priorities of this year’s Budget.

Green Hydrogen: The Minister announced an outlay of ₹19,700 crore for the National Green Hydrogen Mission. Target– Annual production of 500 MMT (million metric tonnes) of green hydrogen by 2030.

Energy transition: The Budget provided ₹35,000 crores for priority capital investment toward energy transition, net-zero objectives, and energy security by the Union Ministry of Petroleum and Natural Gas.

Battery Storage: To spur sustainable development, the Finance Minister announced viability gap funding for battery energy storage systems with a capacity of 4,000 MWh(megawatt hour).

Green Credit Programme: In order to encourage behavioral change, the Minister announced that a Green Credit Programme will be notified under the Environment Protection Act, 1986. This programme will incentivise environmentally sustainable and responsive actions by companies, individuals, and local bodies and help mobilize additional resources for such activities.

Vehicle replacement: The Finance Minister has allocated funds for the Vehicle Scrapping Policy mentioned in Budget 2021-22. States will also be supported in replacing old vehicles and old State ambulances.