In the upcoming Union Budget 2022, central government is likely to bring Roshnee Scheme to fulfill India’s COP-26 commitments. At COP-26, Prime Minister Narendra Modi had pledged that India will achieve net zero carbon emissions by the year 2070. The progress towards net 0 carbon emissions will be marked by India meeting half of its energy needs from renewable energy by 2030. In this article, we will tell you about complete details of Roshnee Scheme.
Roshnee Scheme 2022 for Net Zero Carbon Emissions by 2070
The arrival of Omicron variant of COVID-19 and subsequent surge in COVID-19 cases starting early January 2022 slashed India’s hopes of recovering from the pandemic, as the country – like the rest of the world – continues to be consumed by the efforts to contain the spread of virus. The Union Budget 2022, therefore, is likely to be strong on measures to implement past budget announcements along with carrying on to the commitments India made in Glasgow COP-26 Climate summit.
Union Budget 2022 may announce a new Roshnee Scheme to cut India’s carbon emissions by 1 billion tonnes. The Roshnee scheme may also aim to reduce Indian economy’s carbon intensity to less than 45 per cent by 2030. India will achieve net zero carbon emissions by the year 2070.
Roshnee Yojana to Fulfill India’s COP-26 Commitment
Roshnee Scheme or Roadmap for Sustainable and Holistic Approach through National Energy Efficiency Scheme is likely to run for nine years till 2030. It may initially have a corpus of around Rs. 5,000 crore with a total outlay of around Rs. 10,000 crore till 2030 and is aimed at helping India meet the climate commitments made at the Conference of Parties (COP-26) summit in Glasgow.
Climate Finance Announced at COP-26 Climate Meeting in Glasgow
India expects developed countries to provide climate finance of $1 trillion at the earliest. PM Modi at COP-26 Climate meet at Glasgow, Scotland mentioned “It is necessary that as we track the progress made in climate mitigation, we should also track climate finance.”
At COP-26, Prime Minister Narendra Modi had pledged that India will achieve net-zero carbon emissions by 2070. The progress towards net-zero carbon emissions will be marked by India meeting half of its energy needs from renewable energy by 2030. India has also aimed to raise non-fossil fuel power generation capacity to 500GW by the end of 2020s.
According to documents presented by government in the parliament last year in 2021 Union Budget, projects of about 47,000 MW of capacity with an investment of Rs. 2.14 lakh Crore (approximately) have been awarded by Solar Energy Corporation of India Limited. Out of this almost 8,300 MW of capacity has been commissioned and the numerous projects are under various stages of implementation.