India News | Govt Aims to Attain Vision of Promoting Energy Transition and Climate Action

New Delhi [India], February 1 (ANI): The government aims to attain the vision of promoting energy transition and climate action during the Amrit Kaal, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, said in the Parliament on Tuesday and laid emphasis on this vision by putting the same as one of the important priorities of the country for moving forward.

"The risks of climate change are the strongest negative externalities that affect India and other countries", the Union Minister said while addressing the Parliament.

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She re-iterated the low carbon development strategy, announced by the Prime Minister, as an important reflection of our government's strong commitment to sustainable development.

This strategy opens up huge employment opportunities and the budget proposes several near-term and long-term actions in this regard.

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The Finance Minister has proposed an additional allocation of Rs. 19,500 crore for Production Linked Incentive for the manufacture of high-efficiency modules. This will also ensure the domestic manufacturing required for achieving the ambitious goal of 280 GW of installed solar capacity by 2030.

"The Circular Economy transition is expected to help in productivity enhancement as well as creating large opportunities for new businesses and jobs", the Union Minister said while highlighting the importance of Circular Economy. She mentioned that the focus now will be on addressing important cross-cutting issues of infrastructure, reverse logistics, technology up-gradation and integration with the informal sector.

"This will be supported by active public policies covering regulations, extended producers' responsibilities framework and innovation facilitation", the Minister added.

Co-firing of five to seven per cent biomass pellets in thermal power plants has been proposed by the Union Minister that will result in CO2 savings of 38 MMT annually. "This will also provide extra income to farmers and job opportunities to locals and help avoid stubble burning in agriculture fields", the Finance Minister added.

Energy efficiency and saving measures through setting up of Energy Service Company (ESCO) business model in large commercial buildings will also facilitate capacity building and awareness for energy audits, performance contracts, and common measurement and verification protocol.

Four pilot projects for coal gasification and conversion of coal into chemicals required for the industry have also been proposed to evolve technical and financial viability she added.

The budget session of Parliament began on Monday with the address by President Ram Nath Kovind to both Houses in the Central Hall.

The first part of the Union Budget Session of Parliament will be held from January 31 to February 11 and the second part of the Budget Session will take place from March 14 to April 8. (ANI)

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