Budget 2022: ROSHNEE scheme to be introduced to support India’s climate commitments made at the COP-26

The Budget 2022 is therefore likely to be strong on measures to put in past budget announcements along with continuing to the commitments made by India in the Glasgow COP-26 Climate summit.

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Budget 2022: ROSHNEE scheme to be introduced to support India’s climate commitments made at the COP-26

The Budget session of Parliament is likely to start from 31st January 2022. On 1st February, the Union Budget will be presented in the Lok Sabha before being presented in the Rajya Sabha.

The advent of the Omicron variant of COVID-19 and subsequent surge in COVID-19 cases beginning early December 2021 slashed India’s hopes of improving from the pandemic because the nation – just like the rest of the world – is still consumed up by means of the efforts to comprise the unfold of the virus. The Budget 2022 is therefore likely to be strong on measures to put in past budget announcements along with continuing to the commitments made by India in the Glasgow COP-26 Climate summit.

Also Read: Budget 2022 Expectations: Policy interventions are critical for the hospitality sector’s survival

ROSHNEE scheme

Reports have claimed that the Union budget 2022 may even announce a scheme to reduce India’s carbon emissions with the aid of 1 billion tonnes. The scheme may even intent to lessen the Indian economy’s carbon depth to much less than 45% through 2030.

The scheme, reportedly named Roadmap for Sustainable and Holistic Approach through National Energy Efficiency, or ROSHNEE, is probable to run for 9 years till 2030. It might begin with a corpus of around ₹5,000 crores, with a total outlay of around ₹10,000 crores until 2030, and is aimed toward supporting India meet the climate commitments made at the Conference of Parties (COP-26) summit in Glasgow, Livemint stated.

“India expects developed countries to provide climate finance of $1 trillion at the earliest. Today, it is necessary that as we track the progress made in climate mitigation, we should also track climate finance,” Narendra Modi who is the Prime Minister had stated at COP-26 Climate meet at Glasgow, Scotland.

At COP-26, Narendra Modi had pledged that India will attain net-zero carbon emissions by the year 2070. The progress toward net-zero carbon emissions can be marked by India seeing half of its power needs from renewable electricity via 2030. India has also aimed to raise non-fossil gas generation technology capacity to 500GW by the end of the 2020s.

In keeping with documents shown by the government inside the parliament last year in 2021 Union Budget, initiatives of approximately 47,000 MW of potential with funding of Rs.2.14 lakh Crore (approx..) had been provided by using Solar EnergyCorporation of India Limited. Out of this, almost 8,300 MW of capacity has been authorized and several projects are beneath diverse degrees of implementation.

General reports

FM Nirmala Sitharaman had chaired virtual pre-budget consultations with stakeholders from several sectors in 2 sessions in the national capital in accordance with the forthcoming general budget 2022-23 which was held on 17th December 2021.

“Union Finance Minister Nirmala Sitharaman will chair Pre-Budget consultations with stakeholders from various sectors in 2 sessions tomorrow, December 17, 2021, in New Delhi in connection with the forthcoming General Budget 2022-23. The meetings are being held virtually,” Finance Ministry had stated in a tweet.

“FM Nirmala Sitharaman will be holding consultations with representatives of Services and Trade sector in forenoon; and with 2nd group of experts from Industry, Infrastructure and Climate Change in the afternoon,” it had further added.

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Budget 2022: ROSHNEE scheme to be introduced to support India’s climate commitments made at the COP-26
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The Budget 2022 is therefore likely to be strong on measures to put in past budget announcements along with continuing to the commitments made by India in the Glasgow COP-26 Climate summit.
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THE POLICY TIMES
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