Nirmala Sitharaman, Finance minister, declared in her Budget speech that climate action as well as energy transition would be a key pillar of Amrit Kaal’s development and growth agenda. This spans the 25-year period of independence from India. Prime Minister NarendraModi, at COP26 in Glasgow, declared the mantra LIFE (Lifestyle for the Environment), which calls for mindful and deliberate use, rather than mindless and destructive consumption.
How can we get there?
In recognition of the limited funding available to implement technology and finance, the GoI prioritized allocation of substantial domestic financial resources to support the development of indigenous capacities for energy transitions and climate action. In line with this view and in recognition of the critical role of sun power, the Budget has significantly increased the production-linked incentive domestic integrated solar manufacturing facilities. This is an increase from the Rs 4,500 crore allocation last year to Rs 19,500 million. This increase is in line to the proposed goal of achieving at least 280 GW solar power by 2030. Energy storage systems, including grid-scale batteries, will be granted infrastructure status as a forward-looking initiative.
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Disclaimer
These views are solely the author’s.
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