The green energy sector remained a priority in the Budget 2023 as the country intends to attain net-zero carbon emissions by 2070 and a reduction in the carbon intensity of the economy of the country of less than 45% by 2030.
The government is focused on a ‘green growth’ strategy that prioritizes the adoption of green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities.
Here are some of the major reforms announced for the sector:
● An outlay of Rs 35,000 crore was proposed to achieve energy transition and net zero objectives.
● National Green Hydrogen Mission, with an outlay of Rs 19,700 crore, will facilitate the transition to low carbon intensity, reduce dependence on fossil fuel imports and make the country adopt the technology.
● To boost battery energy storage systems, projects will be offered viability gap funding (VGF) for a total capacity of 4,000 MWh.
● Interstate transmission system for evacuation and grid integration of 13 GW of renewable energy from Ladakh will be constructed with an investment of Rs 20,700 crore, including the central government support of Rs 8,300 crore.
The reforms are cheered by the green energy stock. Borosil Renewables Ltd gained as much as 9 percent and was trading at Rs 512 levels while JSW Energy Ltd increased by 4 percent to trade at Rs 244 levels. Meanwhile, Inox Wind Ltd (up by 4% to Rs 98 levels), INOX Green Energy Services (up by 4% to Rs 49.75 levels), and Amara Raja Batteries Ltd (up 4.5% at Rs 590 levels).
Written by Anoushka Roy
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