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The state’s Finance and Environment, Forest and Climate Change departments are currently preparing the green budget. This budget is expected to be larger than last year’s, with a special emphasis on renewable energy and climate change mitigation. The main goal of this budget is to align budgetary tracking and tagging with national and local environmental objectives and commitments.
Various campaigns are being run by the government to maintain environmental balance, including the ongoing Jal Jeevan Hariyali campaign. The Green Budget is seen as a proactive measure to incorporate environmental sustainability into fiscal decisions, encouraging all departments to implement programs and plans for environmental protection.
This will be the fifth green budget of the eastern state, which pioneered the introduction of a green budget in the country in 2020-21.
According to a report by Down To Earth, the size of Bihar’s green budget is set to increase when the state government presents its annual budget in the Bihar Assembly next month. A recent high-level meeting of top officials from the environment, forests and climate change, and finance departments was held to finalize the green budget.
The outcome of the green budget was discussed by officials from both departments to finalize the proposal to increase its size. This increase is expected to enhance the state’s efforts to combat climate change.
The current financial year saw a 28% increase in the state’s green budget, with an outlay of Rs 9,930.77 crore for 2023-24, accounting for 3.79% of the total budget.
The Mahagathbandhan government, led by Nitish Kumar, is likely to present a budget of Rs 3 lakh crore for 2024-25. Last year, the government presented a budget of Rs 2.61 lakh crore. After education and health, significant provisions will be made for the green budget.
The government has been encouraging the private sector to invest their Corporate Social Responsibility (CSR) funds in achieving low-carbon growth and sustainable development in the state through the green budget.
Green budgeting practices in Bihar have indicated the state’s preference for private sector contributions towards achieving sustainability. The success of such tagging relies heavily on the collective action of stakeholders, including government departments, civil society, and the private sector, to achieve sustainable development goals and the targets set by the state government, as noted by the finance department on the government website.
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