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As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year. India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts! <h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power. <h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly. <div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div> <h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency. <h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes. <h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div> <h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream. <h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future. By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products. However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years. <h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>. Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles. And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka. <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant. <h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power. <h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts. <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani Group</keyword> released the composite result and Credit Compendium of Adani Group of <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> for Q1 FY25. The Results Compendium provides a comprehensive overview of the <keyword id="20088085" type="General" weightage="20" keywordseo="financial-performance" source="keywords">financial performance</keyword> of the Adani Portfolio, while the Credit Compendium offers in-depth insights into the portfolio's robust credit strength. According to the results, the strong performance for the quarter was led by <keyword id="20113873" type="General" weightage="20" keywordseo="Adani-Enterprises" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Enterprises" meta.hostid="261" meta.entityid="Adani Enterprises">Adani Enterprises</keyword>' emerging businesses, including solar and wind manufacturing. In a press release, the company stated that it has emerged as India's largest player in the fully integrated <keyword id="19990484" type="General" weightage="20" keywordseo="green-hydrogen" source="keywords">green hydrogen</keyword> chain, as well as in the airports and roads sectors. The company added that AEL's infrastructure businesses' steadily rising contribution is playing a significant role in this growth, with <keyword id="19957744" type="General" weightage="20" keywordseo="EBITDA" source="keywords">EBITDA</keyword> expanding by 69.98 per cent YoY. These fast-growing businesses now contribute 13.3 per cent to the portfolio-level EBITDA, up from 7.2 per cent a year ago. The overall EBITDA of Adani Group companies surged by 32.87 per cent year-on-year (YoY) to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year. The Adani Group highlighted that its 'Core Infrastructure' platform comprises AEL's (Adani Enterprises) Infrastructure businesses, Utility (Adani Green Energy, Adani Power, Adani Energy Solutions, and Adani Total Gas), and Transport (Adani Ports &amp; SEZ) businesses. The Solar module manufacturing business of the group saw module sales rise by 125 per cent YoY in the quarter. Furthermore, the operationalization of photovoltaic cell lines lowered costs, resulting in higher profitability. The airport business also continues to see strong growth from rising passenger movement, increasing consumer offerings, and the addition of routes, airlines, and flights across seven operational airports. Adani Enterprises' performance indicates that in airports, the annual passenger movement across 7 airports crossed 90 million for the first time. During the quarter, eight new routes, six new airlines, and 13 new flights were added across all seven airports. Additionally, 25 new brands were introduced at Lucknow airport after the inauguration of Terminal 3. The road business achieved its highest-ever 730 lane-km construction during this quarter. In the Adani Green Energy segment, construction work for a 500 MW hydro pump storage has commenced, with a 31 per cent YoY capacity addition during the quarter. Another 250 MW wind capacity was operationalized in July at Khavda, bringing the total capacity to 11.2 GW. Adani Energy Solutions stated that the Khavda-Bhuj Transmission Line (KBTL) is fully commissioned, enabling 3 GW green power evacuation from Khavda. The 1,765 ckm Warora Kurnool Transmission Line (WKTL) was also fully commissioned, strengthening the national grid by ensuring seamless power flow between the western and southern regions. Adani Ports &amp; SEZ reported that Vizhinjam port, India's first transhipment port equipped with South Asia's most advanced container-handling technology, was formally commissioned in July and will become operational in November. In the Cements segment, the promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, fully subscribing to the warrant program and infusing a total of Rs 20,000 crore since the acquisition in September 2022. The company also acquired Penna Cement, increasing the total capacity to 89 MTPA. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-9-pro-fold-launched-in-india-at-172999-but-you-cant-get-your-hands-on-it-right-now/articleshow/112517193.cms">Google Pixel 9 Pro Fold launched in India at ₹1,72,999, but you can’t get your hands on it right now</a> <a href="https://www.businessinsider.in/stock-market/news/ipo-scam-two-victims-from-hyderabad-lose-over-11crore-in-fake-ipo-scams/articleshow/112488051.cms">IPO scam – Two victims from Hyderabad lose over ₹11 crore in fake IPO scams</a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms">India’s wearables market decline for the first time as smartwatch shipments fall</a>

EBITDA of Adani Group companies surged by 32.87% year-on-year to ₹22,570 crore

<keyword id="4625572" type="General" weightage="20" keywordseo="indian-renewable-energy-development-agency" source="Orion">Indian Renewable Energy Development Agency</keyword> Ltd (<keyword id="391336" type="General" weightage="100" keywordseo="ireda" source="Orion">IREDA</keyword>) has opened an office in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword> at Gandhinagar which will specialise in providing debt options denominated in <keyword id="90766" type="General" weightage="20" keywordseo="foreign-currencies" source="Orion">foreign currencies</keyword> to facilitate natural hedging and significantly reduce the financing costs for green hydrogen and renewable energy manufacturing projects, the Ministry of New and Renewable Energy said on Thursday. The strategic initiative which would contribute to the country's journey towards a greener future was highlighted by IREDA chairman and managing director (CMD) Pradip Kumar Das at a panel discussion on 'Future Growth Opportunities for Long Duration <keyword id="1609428" type="General" weightage="20" keywordseo="energy-storage" source="Orion">Energy Storage</keyword>', held at the World Future Energy Summit 2024 in Abu Dhabi on Wednesday. The IREDA CMD emphasised the critical role that energy storage will play in achieving the <keyword id="13194051" type="General" weightage="20" keywordseo="national-green-hydrogen" source="Orion">National Green Hydrogen</keyword> Mission's ambitious target of producing over 5 million metric tons of hydrogen per annum by 2030. The CMD emphasised the need to enhance research and development efforts to reduce cost and improve the performance of energy storage solutions. It was necessary to implement policies that strengthen the supply chain network, and providing competitive and tailored financial solutions will encourage investment in energy storage projects, he added. India has taken active steps in this direction, which include the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs 3.5 lakh crore.

IREDA's GIFT City branch to give special foreign currency loans for green projects

New Delhi, India's top oil firm IOC on Monday unveiled the nation's first <keyword id="18906554" type="General" weightage="20" keywordseo="green-hydrogen-powered-bus" source="Orion">green hydrogen-powered bus</keyword> that emits just water as it takes the lead in bringing out unrivaled tools to replace fossil fuels. Indian Oil Corporation (IOC) will produce close to 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses which will ply across the national capital region for trial runs. Oil Minister Hardeep Singh Puri, flagging off the buses, said hydrogen will be India's transition fuel for moving away from fossil fuels. IOC's R&amp;D Centre at Faridabad is producing green hydrogen for the pilot run. Four cylinders with a capacity of 30 kg can run the buses for 350 km. It takes 10-12 minutes for the four tanks to fill. Hydrogen when burnt emits only water vapour as a by-product. With three times the energy density and the absence of harmful emissions, hydrogen shines as a cleaner, more efficient choice to meet the energy requirement. As much as 50 units of renewable electricity and 9 kg of deionized water are needed for the production of one kilo of green hydrogen. Hydrogen can be used as a fuel for fuel cells. Puri said by the end of 2023, IOC will scale up the number of buses to 15. IOC will undertake operational trials of 15 fuel cell buses powered by green hydrogen on the identified routes in Delhi, Haryana, and UP. Under this programme, the first set of 2 fuel cell buses was launched on Monday. "Our government has ambitious plans on clean and green energy. India has taken many steps towards low carbon development- through emerging fuels like hydrogen and bio-fuels and shall account for 25 per cent of global incremental energy demand growth over the next two decades," Puri said. Upon the launch of the two buses, a cumulative mileage of more than 3 lakh kilometers will be covered for long-term assessment of performance and durability of the new technology. India has one of the largest synchronous grids in the world, capable of handling intermittent renewable energy and it has achieved 'One Nation-One Grid-One Frequency'. "With the low cost solar, synchronous grid, large demand and engineering, India will be a global champion in production and exports of hydrogen and is set to emerge as the hub for green hydrogen," he said. Puri said recently the world's first BS 6 (Stage II) Electrified Flex Fuel vehicle prototype was launched that encompasses both the flex fuel engine as well as an electric powertrain that offers higher use of ethanol combined with better fuel efficiencies. Hydrogen is deemed as the fuel for the future with immense potential to help India meet its decarbonization targets. The global demand for hydrogen is expected to increase by four to seven times to 500-800 tonne by 2050. Domestic demand is expected to increase by four times, from the current 6 tonne at present to 25-28 tonne by 2050. Oil and gas PSUs shall produce around 1 million tonne per annum of green hydrogen by 2030. "This green <keyword id="14355451" type="General" weightage="20" keywordseo="hydrogen-powered-bus" source="Orion">hydrogen-powered bus</keyword> is going to transform the face of city transport in the country. I shall be closely monitoring the project and wish you all the very best for successfully executing this project of national importance," he added. "The success of this project can catapult India from being a net importer of fossil energy to becoming a net exporter of clean hydrogen energy; and provide global leadership to other countries in terms of technology transfer while becoming a large green hydrogen producer and supplier of manufacturing parts."

IndianOil unveils India's first green hydrogen-run bus that emits just water

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> on Tuesday asked the automotive industry to bring global best practices to <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, while also working on green and <keyword id="7340072" type="General" weightage="100" keywordseo="clean-mobility" source="Orion">clean mobility</keyword>. In a written address to the annual convention of the <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (SIAM), Modi said the automotive industry will drive even higher economic growth and in turn, thrive on demand growth. "As we shift gears towards our collective goal of a Viksit Bharat by 2047, I am confident that organisations like SIAM will continue to bring together all stakeholders and become a force multiplier in this mission," he said. The prime minister said the road ahead demands that the country's progress is rapid, while also being sustainable. "Working (on) greener and cleaner mobility is a vital step in this direction. It is important that this climate-conscious and sustainable vision resonates with domestic and international partners," he asserted. "Further, at this critical juncture for India and the world, it is essential that our automobile sector set not only an example for others to follow, but also work towards bringing global best practices to India. I am confident that the discussions and deliberations during the Annual Convention will serve as a catalyst for this," he added. He further said, "Through innovation and enterprise, I am sure that the automotive industry will drive even higher economic growth and in turn, thrive on the demand growth that inevitably creates." He said over the last decade, India's automotive sector has witnessed tremendous and unprecedented growth. "This is as much a testament to our nation's expanding economic growth, as it is to the pivotal role played by the automotive industry," Modi said. The success story of Indian mobility is noteworthy. The nation is witnessing the creation of future-ready infrastructure, such as state-of-the-art expressways, high-speed railways and other forms of multi-modal connectivity that reaches every corner, the prime minister noted. "The holistic approach is ensuring that the benefits of growth are not just confined to a few, but shared by all," Modi said.

PM Modi asks automakers to bring global best practices to India, focus on clean mobility

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year. India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States. <div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture. <h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity. This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact. <h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030. <h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change. India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024. <h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds. <h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”. In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP. <h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul><li>There is a suggestion to grant tax-free status to annuity income from the <keyword id="20240872" type="General" weightage="20" keywordseo="national-pension-scheme" source="keywords">National Pension Scheme</keyword> (<keyword id="19919089" type="General" weightage="20" keywordseo="nps" source="keywords">NPS</keyword>). </li><li>There is a proposal to simplify the capital gains <keyword id="6383566" type="General" weightage="20" keywordseo="taxation" source="Orion">taxation</keyword> structure by introducing a uniform holding period across domestic equities and <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword>. </li><li>Providing relief from double taxation on dividends is anticipated to receive positive feedback from the <keyword id="31671" type="General" weightage="20" keywordseo="markets" source="Orion">markets</keyword>. </li></ul>The FY 2025 budget is around the corner and it is expected that Finance Minister Nirmala Sitharaman will fulfil some of the wishes of both the industry and the common people. A report by <keyword id="19908266" type="General" weightage="20" keywordseo="icra" source="keywords">ICRA</keyword> analytics lists down some changes they foresee when it comes to taxation and other investment products. Taxation The persistent call for the removal of the security transaction tax (<keyword id="20204742" type="General" weightage="20" keywordseo="stt" source="keywords">STT</keyword>) in financial markets has gained momentum in recent years, and as GST collections have risen, this demand has once again become a focal point. The potential elimination of STT is seen as a measure to attract more investors to participate in domestic equity markets. Another significant concern in the taxation landscape is the issue of double taxation on dividends. Under the current system, companies pay taxes on their profits, and simultaneously, the government levies additional taxes on dividends in the hands of shareholders. This results in double taxation on dividends. Addressing this issue by providing relief from double taxation on dividends is anticipated to receive positive feedback from the markets. <keyword id="6354432" type="General" weightage="20" keywordseo="pension" source="Orion">Pension</keyword> and <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">Insurance</keyword> In the domain of pension and insurance, there is a proposal to raise the minimum pension floor for unorganised sector workers under the Atal Pension Yojana (APY). The rationale behind this proposal is that the current pension amount may not attract enough potential subscribers to enrol in the scheme. Additionally, there is a suggestion to grant tax-free status to annuity income from the National Pension Scheme (NPS). This move is particularly crucial as senior citizens heavily rely on annuity income during their retirement years. Considering the rise in medical expenses and the financial well-being of senior citizens, providing tax-free status to annuity income is seen as a step towards supporting this demographic. Further, proposing a distinct tax deduction for life insurance premiums, separate from Section 80C, could boost the adoption of insurance products, encouraging people to secure their family's financial future through life insurance investments. Furthermore, there is a recommendation for the government to review the 18% Goods and Services Tax (GST) imposed on health insurance policies. Markets In the financial markets, one of the pressing issues is the need for a comprehensive policy on cryptocurrency regulation. With the rising popularity and usage of cryptocurrencies, a regulatory framework is considered essential to ensure orderly and secure participation in the crypto market. Another area of interest is the potential reintroduction of sovereign green bonds in the budget. Sovereign green bonds play a crucial role in addressing the funding requirements for sectors like wind, power, and hydropower, promoting sustainable investments. Additionally, there is speculation about the allocation of a significant capital outlay for an Energy Transition Fund. The focus of this fund would be on new-age fuels such as green hydrogen, ethanol, and other biofuels, aligning with the government's emphasis on energy transition and net-zero objectives. Mutual Funds Within the mutual funds sector, there are several proposals to address taxation-related disparities and encourage a more investor-friendly environment. There is a call for parity in taxation between equity mutual funds and Unit Linked Insurance Plans (ULIPs). Achieving parity between equity Fund of Fund and equity-oriented mutual funds for taxation is also under consideration. Furthermore, there is a proposal to simplify the capital gains taxation structure by introducing a uniform holding period across domestic equities and mutual funds. This move is expected to enhance compliance and streamline the tax treatment for investors. Lastly, there is a suggestion to revisit the tax changes introduced for debt funds last year. The amendment, while creating a level playing field between bank deposits and debt mutual funds, inadvertently affected certain categories of funds. However, a depositor in fixed deposits secures guaranteed returns regardless of fluctuations in interest rates, whereas an investor in debt funds is susceptible to both interest rate fluctuations and credit risk in the event of issuer defaults. Moreover, the elimination of the previous indexation benefit adversely impacted the tax-friendliness of global equity funds, equity fund of funds, gold funds, and hybrid funds with less than 35% equity exposure. Consequently, there is a possibility of revisiting the tax changes to address these issues. This revision aims to address unintended consequences and restore a tax-friendly environment for investors.

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