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Maharashtra budget focuses on green energy and sustainability.

10 Mar 2023

Maharashtra's Deputy Chief Minister and Finance Minister Devendra Fadnavis announced in his budget speech that the state will prioritize achieving net zero emissions by investing heavily in green hydrogen, green ammonia, solar, and wind energy.

The state plans to raise Rs 5,000 crore through green bonds to combat climate change and promote environmental sustainability. Activities such as renewable energy, green buildings, green hydrogen, electric mobility, and charging facilities will be funded from this amount.

The budget estimate for new and renewable energy is Rs 977 crore for 2023-24, an increase from the revised budget estimate of Rs 496 crore for 2022-23. The state's main focus is on the green energy sector, and MoUs worth Rs 30,000 crore have already been signed in the solar, hydro, and wind energy sectors. Solar power projects will also be implemented in 20,000 gram panchayats to reduce their dependence on conventional energy sources.

In addition, as part of the state's green initiative, 5,150 electric buses will be added to the fleet of Maharashtra State Road Transport Corporation (MSRTC). A network of charging stations will be set up, and 5,000 diesel buses will be converted into liquefied natural gas (LNG) fuel vehicles. The modernization, upgrading, and reconstruction of 100 MSRTC bus stands worth Rs.400 crore will also be undertaken. These efforts will not only promote environmental sustainability but will also improve the transportation system of the state.

To further support the state's goal of achieving net zero emissions, carbon credits and emissions trading mechanisms will be explored. This approach will allow the state to earn carbon credits, which can be sold to countries or organizations seeking to offset their own emissions. The sale of carbon credits could provide additional funding to support green initiatives and renewable energy projects.

Overall, the state's efforts towards environmental sustainability are commendable. Devendra Fadnavis and his team have recognized the urgent need to address climate change and promote sustainable development. The state's investment in green energy, the promotion of electric vehicles, and the scrapping of old, polluting vehicles are important steps towards achieving a greener future. It is essential that more states follow Maharashtra's lead in this regard.

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