India is making quick progress toward meeting its climate targets, and the next Budget 2023 is anticipated to include a number of initiatives that will prioritise sustainability over other development priorities. India is already well on its way to meeting its net-zero emission goals by the year 2070 thanks to a number of initiatives like the Green Hydrogen Mission and a focus on clean mobility through the rapid adoption of EVs.
A step in that direction was the permission of the issue of sovereign green bonds. It would assist India in obtaining crucial climate financing for greening infrastructure projects and promote sustainability as a development priority. Nirmala Sitharaman, the finance minister, stated that the government would issue green bonds in the Union
Budget for FY23. Sovereign Green Bonds will be issued in 2022–2023 as part of the government's overall market borrowings to raise money for green infrastructure. The funds will be used for public sector initiatives that lower the economy's carbon intensity. India Inc. is making progress in achieving its environmental goals. Businesses are eager to make investments in technologies that can hasten the achievement of sustainability objectives. The two main pillars that will propel this transition are financial access and spending on research and development.
This direction has been moved with the approval of the issue of sovereign green bonds. It will assist India in obtaining crucial climate finance that will be applied to greening infrastructure projects and establish sustainability as a growth strategy for the future. Finance Minister Nirmala Sitharaman stated that the government would issue green bonds in the Union Budget for FY23.
A PLI for electrolyser manufacturing will hasten India's progress toward being the most competitive supplier of clean hydrogen. The Union Budget for 2023–24 can broaden it to include other crucial areas to transform India into a centre for green energy adoption and exports in addition to domestic adoption. Additionally, India Inc. anticipates a national carbon market in the 2019 budget. Announcing a carbon market, according to Hetal Gandhi, Director of Research at CRISIL Market Intelligence and Analytics, is crucial for the industrial sector, which must reduce spending driven by carbon emissions and adhere to environmental, social, and governance (ESG) objectives.