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Upcoming budget and green growth UPSC NOTE

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  The Finance Minister’s Budget speeches have been giving increasing emphasis to green growth.  This has followed PM Modi’s announcement at ...

 

  • The Finance Minister’s Budget speeches have been giving increasing emphasis to green growth. 

  • This has followed PM Modi’s announcement at COP26 that India would have 500GW fossil fuel-free capacity by 2030 and become net zero by 2070.

  • Affirmation of the commitments in the Budget speech would send the right signals. 

  • Investors need to appraise options through this prism for major investment decisions. 

  • This would prevent sub-optimal, lumpy, capital investments in fossil-fuel economy

  • Renewable Energy (RE) capacities are being created by private investment with declining costs in a competitive industry structure. 

  • RE, combined with storage for round-the-clock supply, is now cheaper than new thermal power. 

  • RE now requires large-scale storage as its generation is intermittent and inflexible whereas the demand to be met is variable. 

  • An ambitious plan for creating storage by the invitation of bids should also be in the Budget Speech. 

  • This would get potential investors to prepare for the large storage market that would be created

  • Both river and off-river hydro pump storage are attractive options. 

  • The technology of concentrated solar thermal energy being stored in molten salt to run a conventional thermal turbine has also become mature and cost effective. 

  • These storage projects have a large capital cost, a very long life and nominal running costs.

  • The bid prices would be considerably lower if long-term rupee debt at fixed rates is made available to potential developers.

  • Conceptually, government needs to assume some contingent liability for long-term fixed interest rate lending. 

  • India can become a global leader in large scale grid storage.

  • The production of solar panels with full value addition in India over the next five years is an achievable goal. 

  • The PLI (Production Linked Incentive) policy instrument should be crafted to get investors to put up plants with full value addition in India

  • With assured offtake at a price which gives returns, the investment would become risk free, resulting in a good investor response. 

  • This government procurement would not be in contravention of WTO commitments. 

  • Repeated bids should be used to create a competitive industry structure as has been done for development of grid scale solar projects and get lower prices through competition.

  • The National Hydrogen Mission is positioning us well for the use of green hydrogen produced at a globally-competitive cost for downstream carbon-free production. 

  • This gives us an opportunity to leapfrog and become a competitive green manufacturing hub.

  • We need to welcome, rather than oppose as a new non-tariff barrier, the new European tax on import of goods depending on the carbon content of the entire value chain going into its production, the CBAM (Carbon Border Adjustment Mechanism)

  • Firms, especially MSMEs, exporting to Europe would gain by government support in reducing carbon footprint. 

  • The easy part would be mandating real-time supply of carbon-free electricity, albeit at a higher price to industrial customers who demand such electricity.

  • A small firm could buy carbon-free electricity for production and EV charging stations could use such electricity making the logistics of supply-chain carbon-free.

  • For capital investments, a dedicated financing facility may be created.

  • Where necessary, government could provide credit guarantees and/or an interest subsidy


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Upcoming budget and green growth UPSC NOTE
Upcoming budget and green growth UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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