Union Finance Minister Nirmala Sitharaman in her Budget 2023 announcement emphasised on green initiatives and digital adoption to encourage sustainable development.
She said these initiatives will open up huge employment opportunities and put the country on sustainable development path.
As part of the government’s overall market borrowings in 2022-23, sovereign green bonds will be issued for mobilising resources for green infrastructure, Sitharaman said in her Budget speech.
The sovereign ‘green bonds’ will be part of the government’s borrowing programme in FY23, and funds will be used for projects that will help reduce carbon intensity of the economy. These proceeds to be deployed in public sector projects, she said.
“The risks of climate change are the strongest negative externalities that affect India and other countries,” Sitharaman said.
India’s low carbon development strategy is an important reflection of the government’s commitment towards sustainable development.
She said, this low carbon strategy opens up huge employment opportunities and will take the country on a sustainable development path.
The government will consolidate all environment clearances will be consolidated into a single window system and there have been ongoing efforts to simplify environmental clearances which have been criticised as dilution of regulation, she said.
FM Sitharaman also announced the promotion of thematic funds for blended finance, with upto government share of 20% for ‘sunrise’ sectors like climate action under private management.
In another initiative, services for global capital for sustainable and climate finance will be facilitated in the GIFT City.
