Green measures announced by the Minister of Finance in the interim budget

Finance Minister Nirmala Sitharaman announced a series of measures to promote green and blue economy while presenting the Interim Budget 2024.

Finance Minister Nirmala Sitharaman announced several green initiatives and measures to help India achieve its net-zero commitment by 2070 in the interim budget tabled today, among other measures on finance and infrastructure. . He also highlighted several initiatives towards building a “blue economy”.

Sitharaman announced that viability gap funding will be provided to harness the potential of offshore wind energy with an initial capacity of 1 GW.

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He further stated that 100 tons of coal gasification and liquefaction capacity will be established by 2030, stressing that this will also help reduce imports of natural gas, methanol and ammonia. The center also proposes phased blending of compressed biogas with compressed natural gas (CNG) for transportation and piped natural gas (PNG) for domestic use. She shared that financial assistance will be given to those seeking to procure biomass agglomeration machinery.

As far as green transport is concerned, Sitharaman announced that the electric vehicle ecosystem will be expanded through support for manufacturing and charging infrastructure. He said that through the payment security mechanism, the introduction of electric buses into public transport networks will be further facilitated.

Green growth is expected to receive an impetus through new schemes for biomanufacturing and biofoundries that offer eco-friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and bioagri-inputs. This is expected to encourage the adoption of regenerative principles.

Sitharaman's speech also announced specific measures to promote climate-resilient activities towards Blue Economy 2.0. These include multidisciplinary approaches to coastal aquaculture and marine aquaculture, as well as plans for recovery and adaptation measures.

According to the World Bank, the blue economy refers to “the sustainable use of economic resources for economic growth, improved livelihoods and employment, and the health of marine ecosystems.”

The speech also referred to strengthening public transport, saying Metrorail and Namo Bharat (regional rapid transit) services could be catalysts for urban transformation and that these systems would be expanded within cities. .

The finance minister touched on green power while discussing measures to develop electricity infrastructure, stressing that rooftop solarization will enable 1 billion households to access up to 300 units of free electricity each month.