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By Nilesh Shedge, CTO, Enerlly
The 2022 Fiscal Budget could easily be counted among the most anticipated events of the year for more than just the usual reasons. The pandemic has set in a new paradigm of business, sensitizing global transactions to even the most marginal gains or losses.
The priorities of various governments across the world have also changed with ecological commitments and climate action segueing into the top five.
Clean energy is a pursuit of today and it has been vastly realized that energy transition is indispensable if nation-states are serious about attaining sustainability.
As Budget 2022 turns a month old, let’s revise what it dragged in for the ever-expanding energy sector:
The Government of India has focused attention on achieving higher energy efficiency standards.
While presenting the Budget, it was stated that “saving energy is an important aspect of Energy Management and this will be done through Energy Performance contracts (ESCO model) for Commercial buildings like malls, office spaces, etc.”
Dedicated efforts would be made to generate awareness on Energy Audits and Monitoring and verification protocols of energy efficiency.
It was stated during the presentation of the budget that the Government has already achieved big targets like establishing One Nation-One Grid and that India is now a power surplus country
India has already achieved targets set in COP22, entailing reduction of CO2 emissions by 1bn ton by 2030, in 2021
It was also stated that “Energy Transition” is a challenge and that the Government plans to accelerate the process by increasing the uptake of renewable energy sources to curtail CO2 emissions
The Finance Minister announced the introduction of special Green Mobility Zones, equipped with various facilities including “Battery Swapping”
GoI has allotted Rs. 19,500 crores for additional expenditure under PLI scheme for the manufacture of solar modules under Make In India, where at least 40% of the solar modules installed must be a product of the aforementioned campaign
Sovereign Green Bonds were also introduced for enhancing investment opportunities in green energy infrastructure
The Finance Minister also spoke about the use of biomass pellets in thermal power plants to reduce power generation costs significantly, as well as provide collateral benefits to farmers and pellet manufacturers
A comprehensive Battery Swapping Policy would be introduced with new interoperability standards to ensure a higher rate of adoption of electric vehicles in the future.
Conclusively, the Government of India has projected a number of ambitious initiatives to accelerate the phenomenon that energy transition is, to achieve its COP commitments of becoming a Net Zero country by 2070. A multilateral agenda has also been put in place for the EV sector, Energy Efficiency sector and Renewable Energy sector to increase the uptake of green energy.
About Us: Enerlly is an organization rooted in industrial automation that deploys Internet-of-Things (IoT) based controllers and online platforms to create sustainable eco-conscious brands through real-time energy monitoring, energy data analytics, and strategic consultancy.