Progressive reforms in 2024 budget for a sustainable and energy-secure India
New Delhi, July 23, 2024: The 2024 Union Budget has taken important steps towards promoting sustainability and energy efficiency, echoing several of the industry’s pre-budget expectations. The introduction of the PM Surya Ghar Muft Bijli Yojana, aimed at providing rooftop solar installations to 1 crore households, is a monumental step in driving household energy consumption towards renewable sources. The government’s focus on facilitating energy audits for traditional micro and small industries and supporting their transition to cleaner energy forms aligns perfectly with organizations working towards integrating sustainable practices across all sectors. This was one of our pre-budget demands, and we appreciate the government’s comprehensive approach in balancing the nation’s growth and environmental sustainability.
The government also plans to formulate a roadmap for moving the hard-to-abate industries from energy efficiency targets to emission targets. Appropriate regulations for the transition of these industries from the current Performance, Achieve and Trade (PAT) mode to the Indian carbon market mode will be put in place. This aligns with our call for incentivizing green technologies and providing a structured framework for MSMEs to reduce emissions and align with global regulatory frameworks. The government’s commitment to setting up Bharat Small Modular Reactors and investing in nuclear advancements further underscores its dedication to a resilient and energy-secure future.
The abolition of the angel tax for all classes of investors is a welcome move that will certainly spur investments in startups, especially those with a vision for environmental sustainability. Most investors now wisely invest in forward-thinking companies, particularly those that consider the environment and human well-being.
As WOCE continues to lead in providing sustainable solutions, we look forward to collaborating with various stakeholders to drive India’s journey towards net-zero emissions and a sustainable economy. A beginning has already been made by WOCE in the ESG space with the introduction of our AI-powered platform, esgpro.ai, which enables India Inc to actively engage in sustainability, especially as ESG reporting requirements become more stringent for businesses domestically and globally.
