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Source: The post is based on the article “Going green – The Budget can help India transition out of its dependence on fossil fuels” published in The Hindu on 4th February 2023.
Syllabus: GS 3 – Energy.
Relevance: About green initiatives in budget 2023-24.
News: In the recent budget highlighted the government’s commitment to move towards net-zero carbon emission by 2070.
What are the major green initiatives in budget 2023-24?
| Read here: Major thrust planned for green energy |
What is the rationale behind the announced green initiatives in budget 2023-24?
Inter-State transmission system for the grid integration of renewable energy from Ladakh: With its vast stretches of barren land and one of the country’s highest levels of sunlight availability, Ladakh is considered an ideal location to site photovoltaic arrays for producing a substantial capacity of solar power.
The transmission line will address the hurdle in setting up solar capacity in the region.
Viability gap funding for battery energy storage systems: Energy storage systems are crucial in power grid stabilisation and essential as India increases its reliance on alternative sources of power generation including solar and wind.
Exemption of customs duty on the import of capital goods and machinery required to manufacture lithium-ion cells: With the electric vehicle (EV) revolution poised to take off, the availability of indigenously produced lithium-ion batteries have become a necessity, especially to lower the cost of EVs.
Why India’s green initiatives in budget 2023-24 is essential?
a) India holds the key to hitting global climate change targets given its sizeable and growing energy needs, b) With the country’s population set to overtake China’s this year, India’s need for energy is set to surge exponentially, and c) The energy transition is urgent to leverage new industries, generate jobs on a sizeable scale, and add to overall economic output.
