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The Rajya Sabha on Monday cleared the Energy Conservation (Amendment) Bill, 2022, which aims to tap the $800 billion global carbon market, a move that will facilitate more foreign direct investment (FDI) in green technologies to fast track India’s clean energy transition.
The Bill has already been cleared by Lok Sabha in August this year during the Monsoon session of Parliament. It will now become an act, once the government notifies it in the gazette after receiving the approval from the President.
Reducing carbon intensity
“We are relentlessly marching ahead towards our target of reducing India’s carbon intensity by 45 per cent by 2030. The passage of the Energy Conservation (Amendment) Bill, 2022 in Rajya Sabha today paves the way to enhanced use of renewable energy,” Power Minister R K Singh tweeted.
Besides the aim of setting up Carbon markets in the country, the legislation mandates the use of non-fossil sources, including Green Hydrogen, Green Ammonia, Biomass and Ethanol for energy and feedstock.
The government wants to bring buildings large residential buildings within the fold of the energy conservation regime, enhancing the scope of Energy Conservation Building Code, and increasing members in the Governing Council of Bureau of Energy Efficiency. The government aims to save an estimated 300 billion units of electricity by 2030.
Amidst growing energy needs and changing global climate landscape, the Centre has identified new areas to achieve higher levels of penetration of renewable energy.
Meeting energy requirements
For instance, the Energy Conservation (Amendment) Bill, which will now become an Act, aims to make it mandatory for buildings with a minimum connected load of 100 kilowatt (kW) to meet their energy requirements from renewable sources.
By adopting energy efficiency measures, India holds a potential to reduce about 550 Mt CO2 by 2030. It also provides for penalties for violations by industrial units or vessels, and on manufacturers if a vehicle fails to comply with fuel consumption norms.
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