Union Budget 2023: FM launches 'Green credit programme' to reduce carbon footprints

Amid concerns of global warming and climate change, Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 on Wednesday and one major takeaway from the Budget speech was the emphasis on 'Green growth'. Terming it as one of the seven priorities for Centre, FM Sitharaman called them the 'Saptarishi' who will guide the country through the 'Amrit Kaal' of next 25 years. One of the highlights of this focus on green energy was the launch of 'Green credit programme' and several other sustainable initiatives.

What is the 'green credit programme'?

Under this, the government will incentivise the companies, individuals and local bodies that adhere to sustainable practises under the Environment (Protection) Act and help mobilize additional resources for such activities. The programme aims to encourage climate-conscious action from one and all to collectively reduce carbon footprints.

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"Hon’ble Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of an environmentally conscious lifestyle. India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition. This Budget builds on our focus on green growth," Sitharaman said in her Budget speech.

The FM added that the "PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-Pranam) will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers."

Sitharaman in her speech also said that the government will facilitate 1 crore farmers to adopt natural (chemical pesticide/fertilizers-free) farming in the next three years. “For this, 10,000 Bio-Input Resource Centres will be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network,” said Sitharaman.

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Yet another initiative aimed at conserving coastal ecosystem Sitharaman announced in the Budget speech is the ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’ (MISHTI), which will encourage optimal use of wetlands, promoting circular economy through 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme.

The MISHTI scheme will focus on mangrove plantations along the coastline and on salt pan lands in collaboration with MGNREGS, CAMPA fund and other sources.