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In addition, the bill in Lok Sabha intends to bring in new ideas such as carbon trading and mandate the use of non-fossil fuels sources in order to ensure a faster de-carbonization of the Indian economy and to assist in achieving sustainable development goals in line with the Paris Agreement. Both of these objectives are in line with the Paris Agreement.
In addition, the amendments intend to encourage the development of a domestic carbon market and the use of renewable sources of energy in the fight against climate change.
On Monday, the bill that seeks to encourage the use of non-fossil fuels such as ethanol, green hydrogen, and biomass was approved by the Lok Sabha. In addition to that, the bill intends to assist the country in meeting the international commitments it has made with regard to the goals of climate change. Power Minister R. K. Singh stated while piloting the Energy Conservation (Amendment) Bill, 2022 that “this is the bill for the future.” He also stated that the addition of renewable energy capacity in the country was the fastest in the world. After some amendments proposed by members of the opposition were voted down, the House eventually voted to approve the bill. It provides for penalties for violations by industrial units or vessels, as well as penalties for manufacturers in the event that a vehicle fails to comply with norms regarding fuel consumption. This is just one of its many provisions.
According to the Statement of Objects and Reasons of the bill, “With the passage of time, and in the context of the energy transition with special focus on the promotion of new and renewable energy and National Green Hydrogen Mission, a need has arisen to further amend the said Act to facilitate the achievement of ‘Panchamrit’ as five nectar elements presented by India in Conference of Parties -26 in Glasgow last year.” This is stated in the context of the energy transition with special focus on the promotion of new and In addition, the amendments intend to encourage the development of a domestic carbon market and the use of renewable sources of energy in the fight against climate change. In addition, the bill intends to bring in new ideas such as carbon trading and mandate the use of non-fossil fuels sources in order to ensure a faster de carbonization of the Indian economy and to assist in achieving sustainable development goals in line with the Paris Agreement. Both of these objectives are in line with the Paris Agreement.
Recently, the Union Cabinet of India approved India’s updated Nationally Determined Contribution (NDC), which incorporated two of the promises made by Prime Minister Narendra Modi at the Glasgow conference. These promises include reducing the emissions intensity of GDP by 45 percent by 2030, compared to the levels in 2005, and achieving approximately 50 percent of cumulative electric power installed capacity from non-fossil fuel-based energy resources by that year. The promises were recently approved by the Union Cabinet of India. According to Singh, “India has emerged as the most attractive destination for investment in renewable energy and everyone in the world is saying it.”
The minister also stated that the task of connecting every village to the national electricity grid had been accomplished in approximately 987 days, despite the fact that Prime Minister Narendra Modi had set the deadline for accomplishing this task at 1,000 days. “With a single sweep, we were able to connect every town and every house. Our nation went from having a power deficit to having a power surplus as a result of our efforts… we had promised that by 2022, we will have established 175 gigawatts of capacity for renewable energy,” he said. People are saying that we have missed it, but in reality, we haven’t missed it at all. We are not only on target, but we are also ahead of target,” Singh said, adding that if the coronavirus pandemic had not been occurring, the government would have been much further ahead of the target. “We are not only on target, but we are also ahead of target.”
