The Interim Union Budget 2024 demonstrates a strong alignment with India’s net-zero goal by 2070. With the 2030 target of 500 GW of renewable energy capacity clearly in sight, the budget lays a strong emphasis rooftop solar, wind energy, and the phased mandatory blending of CBG with CNG and PNG and enhanced allocation to National Green Hydrogen Mission – the Indian waste management and resource recovery sector whole-heartedly welcomes these announcements.
Aligned with the Panchamrit goals, We now need to go beyond installed capacity based measurement of renewables growth and focus on on how renewables are faring in the actual generation and consumption mix – a diverse mix of renewable energy sources, together with increase in storage capacity are key to ensuring a truly sustainable outcome.
We also welcome the government’s announcement of a new Bio-Manufacturing and Bio-Foundry scheme. We anticipate that this will aid a shift towards regenerative principles, resource conservation and over time, a reduction in reliance on imports. This is especially relevant given the current geopolitical climate and associated resource security scenarios, as well as near-term supply chain disruption risks.
As we await the detailed Union Budget, we also look forward to an enhanced focus on Climate Resilience as well as additional Market Based Instruments aimed at accelerating India’s transition to a more circular and resilient economy. This may include Extended Producer Responsibility (EPR) schemes for a broader range of products/ materials, schemes to aid adaptation programs in vulnerable regions, mandatory public procurement of recycled materials, among others.
In summary, the 2024 Union Budget maintains a strong focus on sustainable development, while articulating the vision of a Viksit Bharat by 2047.
