FINANCING INDIA’S GREEN FUTURE
Why in the news?
- The Union Budget 2024 highlights India’s commitment to integrating climate finance with energy transition efforts.
- Key initiatives include a 60% increase in funding for the Ministry of New & Renewable Energy and prioritizing energy security among the nine budget priorities.
source:Finshot
Key Budget Initiatives
- Pradhan Mantri Surya Ghar Muft Bijli Yojana: Empowering households with residential solar adoption, seeing 1.28 crore registrations, which drives investment, innovation, and job creation.
- Duties Adjustments: Imposing duties on solar glass and removing duties on solar cells and panels equipment to boost domestic manufacturing, reduce costs, and attract private capital.
Strategic Measures
- Critical Mineral Mission: Ensuring energy security by exempting basic Customs duty on 25 essential minerals, supporting the renewable energy sector’s supply chain and competitiveness.
- Climate Finance Taxonomy: Establishing clear standards for climate finance to channel investments into sustainable projects, aligning with G20 recommendations, and accelerating the green bonds market.
Union Budget Constitutional Provisions
Constitutional Basis:
Key Budget Documents:
Associated Article: “https://universalinstitutions.com/budget-2023-environment/”https://universalinstitutions.com/budget-2023-environment/ |