The Union Budget for 2024-25 is likely to place a stronger emphasis on environmental, social, and governance (ESG) criteria and sustainability efforts as part of India’s strategy for long-term economic prosperity and environmental durability, experts revealed on Monday.
The World Economic Forum (WEF) recently commended India’s strides in the global energy transition, noting that the country is “leading the way in creating outcomes that can be replicated elsewhere.”
This international recognition underscores India’s growing role in sustainable development.
According to Saunak Saha, Partner at EY India specializing in Climate Change and Sustainability Services, the upcoming budget is likely to boost incentives for green technologies, enforce stricter carbon emission regulations, and allocate more funds for sustainable infrastructure projects.
“Decarbonization in our energy and transport sectors is crucial and will have a cascading effect on other sectors. These steps will not only help India meet its climate goals but also establish it as a leader in sustainable development,” Saha stated.
India Adds Record 18.48 GW In Renewable Energy Capacity In 2023-24
Meanwhile, in 2023-24, India achieved a record addition of 18.48 GW in renewable energy capacity, marking a significant 21 percent increase from the previous year’s 15.27 GW, as per government statistics.
Shailendra Singh Rao, Founder of Creduce, highlighted the need for considerable investments in clean energy sectors such as solar and wind power, e-mobility, and green hydrogen.
Rao emphasized that “substantial funding should also cover grid infrastructure, tax incentives, and subsidies, which will provide crucial support for the transition sector. Achieving our 2030 targets necessitates a focused approach on these areas.”
Experts are also anticipating budgetary provisions for enhancing the reliability of renewable energy sources, particularly through support for battery storage technologies.
The ‘Smart Cities’ mission is likely to prioritize the integration of green infrastructure, including urban forests, green roofs, and sustainable public transportation systems.
Rao stressed the importance of tax incentives and grants for developers who comply with rigorous environmental standards. “Without these financial incentives, developers may lack the motivation to pursue stringent environmental initiatives independently,” he added.
The forthcoming Union Budget is likely to drive India’s sustainability agenda forward, setting a framework for significant advancements in clean energy and green infrastructure while reinforcing the nation’s commitment to environmental stewardship and economic growth.
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