Interim Budget 2024: Green initiatives launched by government for sustainable growth

To reduce the carbon footprint and meet clean energy targets, India launched several key programmes in FY 2023-24.

Green Credit Programme (GCP)

Prime Minister Narendra Modi launched the Green Credit Initiative on the sidelines of the COP28 conference in December 2023. As part of the Lifestyle for Environment or LIFE movement, the program puts in place a system to promote voluntary environmental positive actions.

These actions will result in the issuance of green credits. In the initial phase, tree plantation on degraded land, wasteland, and watershed areas under the control of forest departments has been envisioned.

The programme will incentivise green actions by local bodies, companies, and individuals and help mobilise resources for such activities.

Circular Economy

To reduce waste and ensure optimal use of resources, India is setting up 500 new "waste-to-wealth" plants for managing organic waste and generating biogas under the GOBARdhan scheme. 

The government also set up 11 committees for the development of Circular Economy (CE) and Action Plans for 10 waste categories.

These include Li-ion batteries; E-waste; Toxic and hazardous industrial waste; Tyre and Rubber; Scrap metal (ferrous and nonferrous); Gypsum, Used Oil, Municipal solid waste and Solar Panels, and End of Life Vehicles.

Also, the government amended various rules such as Plastic Waste Management Rule, Extended Producer Responsibility (EPR) for Used Oil, and E-Waste (Management) Rules to promote the mission of a circular economy to move fast towards achieving climate goals.

G20 Initiatives 

Under India’s Presidency, several initiatives were announced to fight climate change. A Global Alliance on land restoration of forest fire and mining-affected areas was formed under the Gandhinagar Implementation Roadmap and the Gandhinagar Information Platform (GIR-GIP).

Similarly, the Resource Efficiency Circular Economy Industry Coalition was launched under India's Presidency with 40 founding members from the private sector across the globe. High-Level Principles for a Sustainable and Resilient Blue Ocean-based Economy was also launched. G20 countries formally adopted nine comprehensive high-level principles.

Air Quality 

Under the National Clean Air Program (NCAP), the government started monitoring 131 non-attainment cities for air quality. Under Swachh Vayu Sarvekshan, more than 100 cities are monitored for air quality to improve the air quality through a holistic approach.

Renewable Energy

In the Union Budget 203-24, ambitious plans to increase renewable energy capacity to 500 GW by 2030 were announced. India under the first Nationally Determined Contribution (NDC) had set a target to reduce the emissions intensity by 33-35 percent of the GDP by 2030 compared to the 2005 level.

It also envisaged achieving about 40 percent of the total electric power installed capacity from non-fossil fuel-based energy resources by 2030.

As the country achieved these targets ahead of the timeline, new targets on cumulative electric power installed capacity from non-fossil fuel-based energy resources at 50 percent and reducing the carbon footprint of GDP by 45 percent by 2030 were announced.

In that direction, the National Green Hydrogen Mission, Sustainable agriculture, Biodiversity Conservation, and Battery Storage initiatives received a boost from the government.