Energy security is now more critical than ever. Global priorities under heightened geopolitical tensions, climate change, and rising fossil fuel prices include expanding the production of renewable energy, diversifying energy sources, and boosting energy storage. In an effort to address these problems, the United Nations Climate Change Conference (COP27) was held in November 2022.
According to historical data, installed renewable energy capacity rose to 396% of total capacity in the last 8.5 years, and as of October 2022, India had 166 GW of renewable energy capacity. To fulfil updated promises made at COP26, India must invest USD 2.5 trillion by 2030. A net-zero emissions goal for India by 2070 will require more than USD 10 trillion. A small number of businesses work in the renewable energy sector in India. To draw investments into the industry, the emphasis should therefore be on strong policy, a solid tax structure, and fiscal incentives.
Union Budget 2023
Around the world, nations have taken significant action. For example, the USA will allow tax credits of up to USD3 per kg for 10 years, which will lead to the production of hydrogen at a low cost; the UK is planning changes to cut the approval time for offshore wind from four years to one year; and Brazil is thinking about a draft bill to close the regulatory gaps that investors believe have slowed the potential of renewable energy sources. India might also take a look at some ideas.
Over the years, the Indian government has focused its budget announcements on a number of issues or initiatives that are vital to the development of the country. Given the significance of modern energy, a roadmap of tax incentives and an equitable policy framework is urgently needed to propel India toward its obligation to the world (One Earth - One Family - One Future).
A CSR Initiative of
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
