Budget 2023: Key highlights for energy sector

Here are the key takeaways for the energy sector from the latest budget.

Green growth was one of the 7 key priority areas of Budget 2023. With respect to this, the following important announcements were made in today’s budget session-  

1. The recently launched National Green Hydrogen mission with an outlay of Rs 19,700 crore will facilitate the transition of economy to low carbon intensity and reduce dependence of fossil fuel imports. The target is to reach an annual production of 5MMT by 2030.  
2. The Budget allocated Rs 35000 crore to priority capital investment towards energy transition and net zero objectives.  
3. Renewable energy evacuation- The inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with investment of Rs 20,700 crore.  
4. Green Credit Program- For encouraging behavioral change, a green credit program will be notified under the environment protection act.   
5. Under GOBAR Dhan (Galvanising Organic Bio Agro Resources Dhan) scheme, 500 new waste-to-wealth plants will be established for promoting circular economy. These will include 200 compressed bio-gas plants including 75 plants in urban areas.