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response that target towards achieving following five
nectar elements (panchamrit):
● Achieving non-fossil electricity capacity
building of 500 Gigawatt by 2030
● Meeting 50% of energy requirements
through renewable energy sources by 2030
● Reduction in overall estimated carbon
emissions by one billion tones (from2021)
till 2030
● Reducing carbon footprints in economy by
45% over 2005 levels by 2030
● Carbon Neutrality in economy by2070
The above targets will require green finance for
which National Clean Energy Fund and National
Adaptation Fund are established along with Climate
Change Finance Unit as central coordinating agency
(Centre for Budget and Governance Accountability,
2017, p.11).
3.2 Initiatives Taken by the
Government of India in Green
Finance Sector
As a part of her commitment to reduce carbon
emissions, India put forward a 5-elemental approach
(named as ‘Panchamrit’) as climate action aggressive
plan. This was presented in Glasgow at COP 26
(Conference of Parties) at the United Nations
Framework Convention on Climate Change
(UNFCCC). India’s commitment to the 2015 NDC
(Nationally Determined Contribution) to
UNFCCC contains three quantitative milestones to be
achieved by 2030 relating to non-fossil based
electricity capacity building, reducing carbon
emissions intensity of economy and creation of
additional carbon sequestration of around 3 billion
tons of CO2 equivalent by raising additional forest
cover (PIB, 2022). Accordingly the focus of fiscal
Budget 2023-2024 has been on programmes and
policies relating to green fuel, green energy,
organic/green farming, green transport, green
buildings, and green equipment (Government of
India, Budget 2023-2024, 2023).
The major initiatives declared by the Government of
India in relation to green growth and green finance
are:
● Green Initiatives relating to Clean Energy
infrastructure development in rural areas
● Scheme for ensuring renewable energy to
farmers and rural community called as
“Pradhan Mantri KisaanUrza Suraksha
evamUtthaanMahaabhiyan”
This scheme, popularly known as PM-KUSUM, was
started in 2019 with the aim of ensuring energy
security to Indian farmers and it provides for
installing 10,000 MW of “Decentralized Grid
Connected Renewable Energy Power Plants” on
barren land; installing 17.50 Lakh stand-alone solar
pumps for agricultural purposes; and for converting
10 Lakh agriculture pumps, which are grid connected,
into solar ones (Government of India Ministry of New
and Renewable Energy, n.d.).The farmers can sell the
surplus power to the grid and earn income. They will
also get a subsidy on the cost of solar pumps.
● Green Initiatives relating to waste
management and green energy
● Setting up of “waste to wealth” plants under
GOBARdhan Scheme
In 2018, “Galvanizing Organic Bio-Agro Resources
dhan” scheme has been launched for effectively
managing cow dung and other biodegradable waste in
rural areas. It is an important part of the bio-fuel
strategy of India wherein bio-waste including cattle
waste, kitchen leftovers, crop residue and market
waste is converted into biogas. In Union Budget
2023-24, government announced the installation of
500 new ‘waste to wealth’ plants under GOBARdhan
scheme that provides for putting up 200 compressed
biogas plants, 75 in urban areas, and rest in rural, and
also 300 community-based plants having total
investment of Rs 10,000 crores (IIFL Securities,
2023). The whole purpose is to facilitate farmers and
rural households with economic and resource
benefits. This helps in creating livelihood
opportunities in rural areas by enhancing the income
of farmers and the rural community. It will give
encouragement to rural entrepreneurship by
involving young local entrepreneurs in the setting up
and operation and management of biogas plants.
● Green Initiatives relating to make Agriculture
sustainable and more productive
● Scheme for promoting biofertilizers and
organic farming methods for restoring soil
fertility and protecting it from chemical
overuse
This scheme (named as PM PRANAM) purports to
persuade green growth by discouraging use of
chemical fertilizers and encouraging the use of bio-
fertilizers and organic fertilizers (Ministry of Finance,
2023, February 01). The states using alternative
fertilizers and reducing the use of chemical fertilizers
shall be incentivized in the form of grant equivalent
to half of the savings in subsidy on chemical
fertilizers. It does not carry any separate budget.
PAMIR 2023 - The First Pamir Transboundary Conference for Sustainable Societies- | PAMIR
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