Budget 2023 Expectations: Climate change should be a focus area as India aims for net zero carbon emission by 2070
Even though it is difficult to foresee how the funds would be distributed, the government will likely try to invest in clean energy, waste management, air and water pollution control, conservation of natural resources and biodiversity, as well as supporting the vulnerable segment of society
Representational image. Image courtesy: Shutterstock
The Union Budget forms a crucial document that lays out the government’s economic and financial priorities for the coming year. As the country continues to grapple with the impacts of climate change and environmental degradation, the budget for 2023 is expected to have a strong focus on initiatives that promote sustainable development and address key environmental issues.
One area where there may be a significant investment is in the development and expansion of clean energy infrastructure. This might involve providing funds for the study and development of clean energy technologies like solar, wind, and hydro power as well as providing financial incentives for companies to adopt eco-friendly procedures. The government may also look to increase its renewable energy target, which currently stands at 175 GW by 2022, and set a more ambitious target for the coming years.
Another area where there may be increased focus is in the area of waste management. The world is currently facing a severe waste management crisis, with inadequate infrastructure and a lack of proper waste disposal practices leading to widespread pollution and environmental degradation. The government may look to allocate funds for the development of more advanced waste management systems, such as waste-to-energy plants, and provide incentives for businesses to adopt sustainable waste management practices.
Air and water pollution are also major issues in India, and the budget for 2023 may include measures to address these problems. This could include investments in clean transportation, such as electric vehicles, and the expansion of public transportation systems. The government may also look to allocate funds for the cleaning and rejuvenation of rivers, and implement stricter regulations to control industrial and vehicular emissions.
There should also be focus on conserving natural resources and biodiversity. This could include increased funding for national parks, wildlife sanctuaries and other protected areas, as well as for programs aimed at protecting endangered species. The government may also look to allocate funds for reforestation and afforestation efforts, which can help combat climate change and improve air quality.
In addition, the budget may include policies that focus on creating jobs, promoting sustainable development, and helping the vulnerable section of the society. This could include allocation of funds for the development of rural areas, promoting sustainable agriculture, and increasing access to clean water and sanitation. There can be incentives for farmers who are working on timber cultivation to encourage them and reduce dependency on imports. The budget should also include some thoughtful policies for importing timber.
Looking at how climate change and global warming are altering climatic conditions and environmental health across the world, the budget may also include a well-defined policy for carbon credits and how individuals and organizations can utilize them. Heavy rains and floods in Brazil, wildfires in Spain and Argentina, Projects that offer carbon credits are programs that help in the reduction of greenhouse gas emissions to achieve energy efficiency, trap methane, create renewable energy solutions, and reduce waste. This is an excellent way to contribute to sustainability and outset global emissions.
In a nutshell, projects that support sustainable development and environmental protection are anticipated to receive a lot of attention in the budget for 2023. Even though it is difficult to foresee how the funds would be distributed, the government will likely try to invest in clean energy, waste management, air and water pollution control, conservation of natural resources and biodiversity, as well as supporting the vulnerable segment of society. If these measures are adopted, they will not only contribute to a more sustainable future but also highlight the value of a lifestyle that allows people and the environment to live in harmony.
The author is a CEO of Grow-Trees.com. Views are personal.
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