The lower house of the parliament on August 8 passed the Energy Conservation (Amendment) Bill, 2022, which aims to boost clean energy and help in achieving India’s commitments towards climate change.
The bill was passed by voice vote in the Lok Sabha.
Also Read: MC Explains | Proposed changes in Energy Conservation regulations: Why they are important for India
The bill seeks to mandate the use of non-fossil sources, including green hydrogen, green ammonia, biomass, and ethanol for energy and feedstock; establish Carbon Markets; bring large residential buildings within the fold of the Energy Conservation regime; enhance the scope of the Energy Conservation Building Code; amend penalty provisions; increase members in the governing council of Bureau of Energy Efficiency; and empower the State Electricity Regulatory Commissions.
Governments across the world are making boosting commitments toward climate action to avert an environmental crisis.
India made a commitment as a part of the Paris Agreement, a legally binding international treaty on climate change. India had committed, among other things, three quantitative targets for up to 2030– increase installed capacity from non-fossil sources to reach 40 percent, reduce the emissions intensity of Gross Domestic Product by 33 to 35 percent compared to 2005 levels, and creation of additional carbon sink of 2.5 to 3 billion tonnes of CO2 equivalent through additional forest and tree cover.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!