Union Minister of Environment, Forest and Climate Change, Bhupender Yadav addressed at India Energy Week in Bengaluru.
India has emerged as one of the global forerunners with the ability to show concrete and collective resolve to ensure harmony and energy security in the world
To reshape the global partnership, India has adopted a “whole-of-society” approach with governments engaging at national, sub-national and local governments levels, including the private sector, civil society organizations, local communities, and people in vulnerable situations.
India is at the centre of the energy transition, combining economic and energy demand growth with rapid decarbonisation
India stands committed to reduce emissions intensity of GDP by 45% by 2030 and subsequently reach to net-zero by 2070.
India’s commitment to the sustainable and carbon neutral future is being guided by its enhanced National Determined Contribution (NDC) and Long-Term Low Carbon Development Strategy which call for clean and efficient energy systems, disaster resilient infrastructure, and planned eco-restoration.
India’s net zero goal entails a five-decade long journey and India’s strategy must therefore be evolutionary and flexible, accommodating new developments in technology, the global economy and international cooperation.
Union Budget 2023-24 reflects the Government’s nonstop commitment towards India’s Energy Transition. Some of the important initiatives of the Union Budget are:
- Energy Transition: This Budget provides ` 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.
- Green Hydrogen Mission with an outlay of ` 19,700 crores, is to facilitate energy transition and reduce dependence on fossil fuel imports
- Energy Storage Projects: To steer the economy on the sustainable development path, Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.
- Renewable Energy Evacuation: The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh is be constructed with investment of ` 20,700 crore including central support of ` 8,300 crore.
- GOBARdhan scheme: 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy.