The pledges made by India at COP26, which includes increasing the mix of non-fossil fuels in energy to 50 per cent by 2030, is not a challenge, but an opportunity that can guide the world’s third largest oil consumer to adopt sustainable practices, Prime Minister Narendra Modi said on Friday.

“Today’s theme of ‘Energy for Sustainable Growth’ is not only inspired by our traditional knowledge, but will also lead the future of the country. I consider the COP26 goals of achieving the Net Zero target not as a challenge, but as an opportunity. By 2030, India has set the target of extracting 50 per cent of its energy from non-fossil fuels. It is our opportunity to shift to more sustainable practices,” Modi said while addressing a budget webinar.

Emphasising the need to focus on stepping up energy efficiency, the Prime Minister said the Union Budget 2022-23 has drawn a special focus on the battery swapping policy that can scale India’s energy efficiency capabilities.

“We need to focus on building a hydrogen ecosystem in which the private sector can play a pivotal role. We must develop sustainable and innovative business models to improve efficiency in the EV ecosystem,” he added.

Modi said the government had scaled up the production of LED bulbs that had resulted in prices of such bulbs coming down. Besides, under the UJALA scheme, the common man has also been able to save over Rs 20,000 crore in electricity bills, he noted.

“Four pilot projects for coal gasification and conversion of coal into chemicals required for the industry will be set up to evolve technical and financial viability. With the coming years, India’s energy demands will increase, therefore, we must transition to renewable energy,” the Prime Minister stressed.

Suggesting coming out with innovative methods to increase awareness on solar power, Modi said every household should develop its own solar tree that can contribute to saving up to 15 per cent electricity. It will not only be unique, but also environment-friendly.

“The intent of this seminar is to focus on the implementation of the new budget schemes, and to chalk out ways by which we can begin execution that is effective and concrete. We have to focus on the seamless implementation of the Budget to benefit the masses. These seminars are designed for industries to come up with innovative solutions that can give optimum outcomes of this year’s Budget,” he stressed.

In order to facilitate efficient and speedy implementation of the Union Budget 2022 announcements, the Centre is holding a series of webinars across key sectors. The objective is to brainstorm with experts from the public and private sectors, academia and industry, and identify strategies on how best to move forward on implementation of initiatives under different sectors.