Despite being one of the world's fastest-growing economies, India's annual per capita carbon emissions are approximately one-third of the worldwide average, according to the Economic Survey 2023–24.
The country aims to achieve net zero carbon emissions by 2070 for inclusive, sustainable economic growth. Access to stable energy is crucial for development but requires viable battery storage technologies and critical minerals, the report said.
"Balancing development needs with a low-carbon pathway is a tightrope, especially when financed predominantly through domestic resources," according to the report.
Climate Change and Energy Transition: Trade-Offs
The survey found that India has adopted a mission-mode approach to address climate change, with the International Finance Corp. recognizing its efforts. It noted that significant progress has been made in increasing renewable energy capacity and improving energy efficiency.
As of May 31, non-fossil sources constitute 45.4% of the installed electricity generation capacity. The emission intensity of the country's GDP has been reduced by 33% from 2005 levels by 2019.
Key Highlights
India's energy needs are projected to increase by 2 to 2.5 times by 2047, necessitating a rapid energy transition to enhance climate resilience and sustain social and economic development.
Renewable energy expansion demands land and water, requiring land-intensive technologies and battery storage technologies which needs critical minerals. The source of such minerals is, however, geographically concentrated.
The government issued sovereign green bonds worth Rs 36,000 crore in 2023 to fund emission reduction projects.
Mission LiFE promotes voluntary environmental actions through the Green Credit Programme, offering incentives for environment-positive activities.
International initiatives led by India include the International Solar Alliance, One World, One Sun, One Grid, and the Coalition for Disaster Resilient Infrastructure.
Climate Change And India: Need To Look Through Our Lens
The survey questions global strategies for climate change, stating their flaws and lack of universal applicability. It points out that the Western approach to overconsumption does not address its root cause, but instead substitutes methods to achieve it.
India, despite its significant strides, often faces criticism for not aligning with Western solutions, which do not consider its unique social and cultural fabric, according to the report.
India needs to follow its own path and look at the problem through its own lens if the nation is to empower its citizens through economic development while simultaneously addressing the issue of climate change.Economic Survey 2023-24
Key Highlights
Developing countries need freedom to choose their pathways since they are tasked with balancing developmental goals with meaningful climate action.
Traditional farming practices in developing countries can address global hunger by repurposing farm waste and by-products as animal feed, reducing meat production costs and promoting natural balance.
The Mission LiFE initiative emphasises individual responsibility and sustainable living through 75 actionable steps. The initiative promotes mindful consumption, a circular economy, waste reuse, local plant-based cuisine, and low ecological footprint, saving water and energy.
India should embrace rooted sustainable practices and adopt others' practices only when they are suitable and sustainable.
RECOMMENDED FOR YOU
SECI Invites Bids For 400 MWp Solar Module Manufacturing And Supply
Nov 22, 2024
Domestic Fleet To Grow To 1,400 Aircraft In Five Years, Says Civil Aviation Secretary
Nov 21, 2024
Southeast Asia Should Strengthen Ties With India And China, Says Singapore’s Sim Ann
Nov 14, 2024
Gold Prices Drop Below Rs 75,000 As Demand Continues To Dip, Global Rates Hit Month's Low
Nov 14, 2024
POPULAR