Environment Budget 2024: Big announcements to achieve net zero target

Environment Budget 2024 Highlights

• Finance Minister Nirmala Sitharaman's 2024 Union Budget emphasizes net-zero emissions by 2070 with a focus on "Green Growth."
• Key initiatives include offshore wind energy, coal gasification, and a strengthened electric vehicle ecosystem.
• Mandates for compressed biogas blending, biomass support, and climate-resilient coastal aquaculture underline sustainable practices.
• One crore homes to get solar systems, saving 300 units of electricity monthly and Rs 15,000-18,000 annually per household.

Finance Minister Nirmala Sitharaman presented the 2024 Union Budget for the sixth time. She has included important steps in the budget to reach a goal of net zero emissions by 2070. She announced as part of the Union Budget 2024, highlighting "Green Growth".

Key initiatives include providing Viability Gap Funding for harnessing offshore wind energy with an initial capacity of one gigawatt and setting up a coal gasification and liquefaction capacity of 100 metric tons by 2030. This will aid in reducing imports of natural gas, methanol, and ammonia.

The government plans to mandate the blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes. Financial assistance will also be provided for the procurement of biomass segregation machinery to support collection.

In her speech, she outlined plans for solar installations in one crore households. This initiative could lead to each home saving about 300 units of electricity per month. Annually, this could translate to financial savings of Rs 15,000-18,000 for households that opt for rooftop solar systems.

In a major push towards green transportation, the government will expand and strengthen the electric vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of electric buses for public transport networks will be encouraged.

Finance Minister Nirmala Sitharaman presented the Union Budget for 2024, highlights the government's commitment to achieving a Net Zero target by 2070. This marks her sixth Budget presentation in Parliament.

Key Announcements to achieve net zero target

1. Offshore wind energy: Viability Gap funding will support the harnessing of offshore wind energy, starting with an initial capacity of one gigawatt.
2. Coal Gasification and liquefaction: By 2030, the establishment of coal gasification and liquefaction capacity of 100 metric tons is planned, aiming to reduce imports of natural gas, methanol, and ammonia.
3. Biofuel mandate: Mandatory blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes will be enforced, promoting sustainable fuel alternatives.
4. Biomass segregation: Financial assistance will be extended for the procurement of biomass segregation machinery, supporting efficient waste collection and management.
5. Electric vehicle ecosystem: The government pledges to enhance and fortify the electric vehicle (EV) ecosystem, encouraging manufacturing and charging infrastructure. Increased adoption of EVs, particularly electric buses for public transport, will be actively promoted.
6. Biomanufacturing and bio foundry: A new scheme focusing on Bio Manufacturing and bio-foundry will be launched, fostering green growth and promoting eco-friendly alternatives such as readable polymers, bioplastics, biopharmaceuticals, and BIOS agri inputs.
7. Rooftop Solarisation: The plan is to install solar systems in one crore households. This could lead to each home saving about 300 units of electricity monthly. According to Sitharaman, households that participate in the scheme could see annual savings of Rs 15,000-18,000.

Government promotes climate-resilient coastal aquaculture

The government is also shifting from a consumptive manufacturing paradigm to one based on regenerative principles. A scheme for restoration and adaptation measures and Coastal Aquaculture and mariculture with an integrated and multi-sectoral approach will be launched under Blue Economy 2.0 to promote climate-resilient activities.

Furthermore, the government will encourage states to undertake comprehensive development of iconic tourist centres, branding and marketing them on a global scale. A framework for rating the centres based on the quality of facilities and services will be established. Long-term interest-free loans will be provided to states for financing such development.

These measures underline the government’s commitment to sustainable development and its aim to make India a net-zero emission country by 2070.

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