Business Budget 2023: 7 steps to boost innovations to promote environmental sustainability Coordinated approach among standards-setting agencies like BEE, financial institutions, industries, govt could speedily address challenges Samit Jain January 26, 2023 09:58:56 IST Representational image for Finance Minister holding the Budget document. News18 India is one of the few major economies that is poised to grow sustainably and is earnestly looking to implement environmentally sustainable solutions for its growing energy, water, and waste management needs. India is aiming for a path to achieving sustainable economic growth that rebuilds and preserves the quality of our natural environment while meeting the demands of an enhanced living standard and better quality of life for all. To this end, the Union Budget has been a pivotal instrument to guide India on the pathway to achieving net zero carbon emissions by 2070, reducing the carbon intensity of the economy by 45 percent, and reducing total projected carbon emission by 1 billion tonnes by 2030. The call for ‘women-led development’ and ‘LifeStyle for the environment’ is very simple yet effective tools to promote environmental sustainability. Here are a few additional interventions the Government could consider for India to lead the way through innovation in products, services, and processes that are sustainable: 1. The demand for temperature control/cooling and a cold chain is growing by leaps in India; demand by buildings for thermal comfort is projected to have the highest share followed by refrigeration and cold chain. A coordinated approach among standards-setting agencies like BEE (Bureau of Energy Efficiency), financial institutions, industries, and the government could speedily address challenges, instead of approaching elements like distribution, generation, and energy efficiency individually. The Union Budget could consider laying the foundation of a programme along the lines of Gati Shakti for this, bringing all stakeholders on a common platform. 2. The investments and incentives in the energy segment are likely to have a positive impact on the overall economy. For example, strengthening of cold-chain and improving its accessibility at the last mile are going to improve the rural economy, create livelihood opportunities, and reduce post-harvest losses. Using sustainable and efficient technologies rather than conventional sources prove environmentally sustainable, and cost-effective as well. Easy access to grants for women SHGs (Self Help Groups) to build and operate sustainable energy efficient and renewable energy-based cold chains would serve to increase the value of agricultural produce for farmers. 3. Under the Aspirational Districts programme currently underway, stakeholders from each district could get incentivized to involve with the private sector to adopt sustainable solutions for their district, which may be related to enhancing the value of farm produce. For example, dried pineapple can be stored for a longer time and it also fetches a higher market price than raw pineapple. The stakeholders could then identify interventions, and carry out on-ground implementation, give feedback, make enhancements/customizations to the solutions to make the district’s development self-sustaining and environmentally sustainable. 4. Health costs in India are likely to grow due to excessive pollution in our air, water, and soil because of indiscriminate use of polluting vehicles, pesticides, and fertilisers. The Government could consider offering financial incentives, such as reduced GST, to food processing companies that use food grown through natural farming techniques. This will boost innovations in the agriculture sector with a move away from polluting practices. 5. Initiatives like Swachh Bharat Abhiyan have yielded phenomenal results in the past, and have been a cornerstone of waste management efforts by the Government. The continued focus and encouragement of it, through the Union Budget, have been reassuring. To take it further, there should be a call for ‘innovations challenge’ in waste management technologies – developed in India, and Municipal Corporations be encouraged to adopt the best innovation. This will make our cities cleaner as well as environment friendly. 6. A multi-pronged approach that phases out inefficient and old technologies and equipment could be undertaken, almost as being done for vehicles. Active government intervention coupled with financial incentives for end consumers to switch to sustainable solutions could prove effective, across sectors like real estate, retail, and heavy industries. 7. It is heartening that the Government is supporting R&D institutions in India substantially, through policies and funds. The Government could consider going a step further and incentivizing the industry to adopt proven innovations. While there are funds available through TIFAC (Technology Information Forecasting & Assessment Council), DBT (Department of Biotechnology), and DST (Department of Science & Technology) for the industry, their disbursal process could be simplified and made time-bound. Given, India’s continued to stand for ensuring climate action and climate justice – especially for the Global South, this year’s Budget is expected to focus significantly on energy transition and environmental sustainability. The Government has been promoting renewable energy with three main goals – improving accessibility and efficiency, reducing carbon footprint, and promoting Atmanirbhar Bharat. Budgetary measures as outlined above would go a long way in meeting India’s objectives of indigenous technologies driving sustained, environmentally sustainable economic growth for all. (The writer is Managing Director, Pluss Advanced Technologies. He tweets @IndiaSamit @PlussAdvanced. Views expressed are personal) Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram . Updated Date: January 26, 2023 09:58:56 IST TAGS: Budget 2023 Budget 2023-24 Energy Budget 2023 Renewable Energy Budget 2023.