Finance Minister Nirmala Sitharaman has presented the Union Budget of 2024 to 2025 before the parliament today. Notably, the minister has announced a taxonomy for climate change.
The new budget has allocated Rs. 3,330.37 crore to the ministry of environment, forest and climate change. During her budget speech, the finance minister spoke about taxonomy for climate finance to promote the country’s climate commitments.
‘’ We will develop a taxonomy for climate finance for enhancing the availability of capital for climate adaptation and mitigation. This will support achievement of the country’s commitments and green transition’’ – the minister added.
Climate crisis and sustainability has been a hot topic for India’s future visions for the majority the past few years. Green transition is one of the major measures to fight the impending climate crisis so it is necessary to give more attention to the cause. Recently,through the New Delhi declaration an agreement was made for sustainable development through a Green Development Pact.
In the previous budget of 2023-2024, the government allocated Rs. 3070 crores towards the ministry of environment, forest and climate change. Compared to that, the new budget has increased the allocation this year. It should also be noted that in the interim budget presented in february, Rs. 3,265.53 crores was estimated as the expenditure towards the ministry for the year 2024-2025.
This announcement is a step towards the promotion of reliance on green energy over non-renewable energy, a transition necessary to combat climate catastrophes in the coming future and also to achieve economic growth without compromising the planet’s health.
Rs. 220 crore is being allocated towards the National Mission for a Green India, compared to last budget’s Rs. 160 crore. Rs. 858.5 crore is also being allocated towards pollution control, which was Rs. 756 crore last year.
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