The Economic Survey emphasised India’s commitments for climate actions, but noted that “availability of adequate and affordable finance remains a constraint” for the country whose priority is to grow economically and integrate development goals with climate action targets.
Putting focus on the growth paradigm, the survey quoted Nobel laureate Thomas Schelling (2005) who argued that the most effective way to combat climate change was to let developing nations grow first.
Underlining how finance is a critical input for India’s climate actions, it said, “The country has so far largely met its requirements from domestic sources only.”
Though the government listed out all actions being taken on multiple fronts as per its global commitments, it questioned the arguments forwarded by the rich nations to deal with the menace of climate change through certain agreed actions of emission reduction, specifically when they have already benefited from their extremely high emissions of greenhouse gases in the past.
It said, “Science is not very clear on whether further emission reduction would necessarily guarantee a stoppage or reversal of global warming… Even if the answer to this question is unclear or unknown, some correctly argue that not doing whatever we can to make the planet more liveable and less dangerous may amount to criminal negligence.”
In a dedicated chapter on climate change and environment, the survey enlisted India’s ongoing actions and said the country ranks third globally (after China and Australia) with respect to the net gain in average annual forest area between 2010 and 2020; it also notes how India is spearheading one of the world’s most ambitious clean energy transitions.
It mentioned that the likely installed capacity by end of 2029-30 is expected to be more than 800GW, of which non-fossil fuel would contribute more than 500GW, resulting in the decline of average emission rate of around 29% by 2029-30, compared to 2014-15.
On the country’s transition to renewable energy, the survey said, “India is progressively becoming a favoured destination for investment in renewables. During the period 2014-2021, total investment in renewables stood at $78.1 billion in India.”
Putting focus on the growth paradigm, the survey quoted Nobel laureate Thomas Schelling (2005) who argued that the most effective way to combat climate change was to let developing nations grow first.
Underlining how finance is a critical input for India’s climate actions, it said, “The country has so far largely met its requirements from domestic sources only.”
Though the government listed out all actions being taken on multiple fronts as per its global commitments, it questioned the arguments forwarded by the rich nations to deal with the menace of climate change through certain agreed actions of emission reduction, specifically when they have already benefited from their extremely high emissions of greenhouse gases in the past.
It said, “Science is not very clear on whether further emission reduction would necessarily guarantee a stoppage or reversal of global warming… Even if the answer to this question is unclear or unknown, some correctly argue that not doing whatever we can to make the planet more liveable and less dangerous may amount to criminal negligence.”
In a dedicated chapter on climate change and environment, the survey enlisted India’s ongoing actions and said the country ranks third globally (after China and Australia) with respect to the net gain in average annual forest area between 2010 and 2020; it also notes how India is spearheading one of the world’s most ambitious clean energy transitions.
It mentioned that the likely installed capacity by end of 2029-30 is expected to be more than 800GW, of which non-fossil fuel would contribute more than 500GW, resulting in the decline of average emission rate of around 29% by 2029-30, compared to 2014-15.
On the country’s transition to renewable energy, the survey said, “India is progressively becoming a favoured destination for investment in renewables. During the period 2014-2021, total investment in renewables stood at $78.1 billion in India.”
