Energy efficiency and savings measures will be promoted

Anil Chaudhry, MD and CEO, Schneider Electric India Pvt. Ltd.

“The FY23 Union Budget lays strong impetus on sustainable development. Sustainability has steadfastly become an urgent priority and the proposal to issue sovereign green bonds for building green infrastructure will go a long way in creating a low carbon future and reducing carbon intensity of the economy. This is in line with the government’s commitment on climate action at COP 26. The budget also emphasizes on energy efficiency and energy transition for reducing emissions. Saving energy is an important aspect of energy management. Hence, energy efficiency and savings measures will be promoted. This will be done in large commercial buildings through the Energy Service Company (ESCO) business model. It will facilitate capacity building and awareness for energy audits, performance contracts, and common measurement & verification protocol. The proposal of thematic funds for mobilising blended finance with government share capped at 20% will also allow fund mobilization for emerging sectors like digital economy and climate action.”