Green growth push – New initiatives have long-term potential

Source: The post is based on the article “Green growth push – New initiatives have long-term potential” published in the Business Standard on 6th February 2023.

Syllabus: GS 3 – Environment and Bio-diversity Conservation.

Relevance: About the green growth push in the Budget 2023-24.

News: The Union Budget has focussed on many green growth push initiatives that can lead to an environmentally conscious lifestyle.

What are the initiatives in the budget that focus on the green growth push?

Green growth has been listed among the seven priorities of the Budget for 2023-24.

The other initiatives include a) incentivising the use of green hydrogen and biofuels; b) conserving natural ecological safeguards like mangroves and wetlands; c) introducing concepts like green credit; and d) striving for an appreciable reduction in sources of pollution through measures like replacing polluting vehicles with non-polluting ones and chemical fertilisers with organic manures.

What is the rationale behind the announced green growth push initiatives in the Budget?

-The bulk of the Energy Transition Fund would be at the disposal of the oil-marketing companies to enable them to switch to new and renewable sources of energy.

-The allocation of funds for the National Green Hydrogen Mission is expected to make India a net exporter of green hydrogen.

What are the advantages of the government’s green growth push?

The government’s heavy expenses will be paid back sooner and have the potential to pay lasting dividends. For instance, in the solar-energy sector, the payback time in the case of alternative sources of energy is rapidly shrinking due to the constant inflow of cost-effective and more efficient technologies.