According to analysts, the Union Budget 2024–2025 would increase the pressure on prioritizing sustainability and environmental, social, and governance (ESG) measures in order to promote long-term economic growth and environmental resilience.
World Economic Forum (WEF) said that India “is leading the way in creating outcomes that can be replicated elsewhere” when praising the nation’s efforts in the global energy transition last month.
Stricter rules on carbon emissions, more financing for sustainable infrastructure projects, and improved incentives for green technologies are all crucial, according to Saunak Saha, Partner, Climate Change and Sustainability Services, EY India.
“We would need to decarbonize our energy and transportation sectors, which would ultimately aid other sectors in their decarbonization efforts. Saha emphasized that these actions will not only assist India in fulfilling its climate obligations but also establish the country as a pioneer in sustainable development.
Government data shows that India added a record 18.48 GW of renewable energy capacity in 2023–2024—more than 21% more than the 15.27 GW added the previous year.
The founder of Creduce, Shailendra Singh Rao, stated that the company is looking for significant capital for sustainable energy initiatives, such as green hydrogen, e-mobility, and solar and wind power.
This should include tax benefits, subsidies, and grid infrastructure investments. This is going to be a huge relief, especially for the transition industry. We need to focus on the same in order to achieve our immediate 2030 goal,” he stated.
The specialists hope to receive funding, especially for battery storage technologies, to increase the dependability of renewable energy sources.
The objective of ‘Smart Cities’ is driving a growing number of initiatives related to green infrastructure, such as urban trees, green roofs, and environmentally friendly public transit.
It is crucial that we enact subsidies and tax incentives for developers who follow strict environmental guidelines. Unless these incentives are made public, developers might not be inspired to undertake these projects on their own, according to Rao.
