 "earth day. climate change, climate change and impact")
Calling it a tragedy, the Economic Survey has pointed to the gaping hole in the delayed climate action plans of developed nations and their pressure on poor developing nations to step up their carbon mitigation efforts. The Survey has lauded India’s efforts at decoupling economic growth from greenhouse gas emissions.
“Even as developed nations prepare to impose a carbon tax at the border on imports coming into their countries laden with carbon, they are ramping up energy demand like never before,” said the Survey.
Click here to connect with us on WhatsApp
India has managed to keep its rate of carbon emissions growth lower than its gross domestic product (GDP) growth rate, it said.
“Despite the challenges mentioned above, managing the impact of climate change while ensuring that developmental priorities continue to get focus has been the hallmark of India’s growth strategies. The plethora of cross-sectoral measures taken in the economy and the several schemes to modify consumer and producer behaviour and promote energy saving have resulted in India’s total national emissions, including Land Use, Land-Use Change and Forestry, increasing by 4.56 per cent since 2016," the Survey said.
This compares favourably with the growth experienced by the country. Interestingly, India’s GDP between 2005 and 2019 grew at a compound annual growth rate (CAGR) of about 7 per cent, whereas emissions grew at a CAGR of about 4 per cent, it pointed out.
More From This Section
 "Job placements")
 "gdp growth economy economic")
 "flight")
 "Economic survey")
 "travel tourism passenger air travel flight")
The Survey noted a recent report by the International Finance Corporation, which recognises India’s efforts to achieve committed climate actions. It highlights that India is the only G20 nation in line with a 2°C warming target.
Last year, the government said India had successfully reduced the emission intensity relative to its GDP by 33 per cent between 2005 and 2019, thus achieving the initial Nationally Determined Contribution (NDC) target for 2030, 11 years ahead of the scheduled time.
“Notably, these outcomes have been achieved primarily through domestic resources, which have predominantly formed the basis of India’s climate action. Given the financing needs, estimated at $2.5 trillion (at 2014-15 prices) for meeting the NDC targets till 2030, access to finance and technology at a reasonable cost is needed,” it said.
This includes support from developed countries, as mandated by existing global agreements on climate change such as the United Nations Framework Convention on Climate Change and the 2015 Paris Agreement.
Meanwhile, India is on track to make an additional carbon sink of 2.5-3 billion tonnes (bt) through tree and forest cover by 2030, with a carbon sink of 1.97 bt of carbon dioxide equivalent already created from 2005 to 2019, the Survey said.
Carbon sinks absorb more carbon than they release, while carbon sources release more carbon than they absorb.
It also added that the share of non-fossil sources in the installed electricity generation capacity has reached 45.4 per cent as of May-end.
The Survey has, however, cautioned against the challenges associated with renewable energy sources and has advocated for the need to have a diversified mix of energy sources, including renewables (solar, wind, large and small hydropower), green hydrogen, nuclear, and biofuels.
The Survey also stated that given the close linkage between energy consumption and various social indicators, the government has a priority to ensure access to sustainable and clean energy sources.
 "Gig Workers, Home Delivery, Delivery Guy")
 "Climate change, global warming")
 "Mukhtar Babayev")
 "Carbon emission, pollution, climate change")
 "European Union")
