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The Economic Survey 2024-25, presented to Parliament by Union Finance Minister Smt. Nirmala Sitharaman, on January 31, 2025 raised concerns about the recent New Collective Quantified Goal (NCQG) on climate finance established at CoP29, noting that the modest target of USD 300 billion annually by 2035 falls significantly short of the estimated USD 5.1-6.8 trillion required by 2030. This disparity places an undue burden on nations that have historically contributed minimally to climate change, the Survey said.
The Survey further went on to declare that India might be negatively impacted by the shortfall. “The funding shortfall may lead to a reworking of the climate targets. Considering that domestic resources will be the key to action, resources for meeting development challenges may be affected, undermining progress toward sustainable development objectives and compromising the integrity of international climate partnerships,” the Survey said.
The decision in Baku showed the unwillingness of the developed countries to fulfill their international obligations, the Survey alleged.
“It underscores the unwillingness of affluent developed nations to assume their equitable share of the responsibility to address emission reduction and mitigate climate change impacts on vulnerable populations in developing regions,” the Survey further said.
Despite its low per capita carbon emissions, India is charting a course that ensures affordable energy security, job creation, economic growth, and environmental sustainability, the Survey claimed.
Prioritizing Climate Adaptation
The Survey advocated for a multifaceted adaptation strategy tailored to regional specificities, encompassing policy initiatives, sector-specific strategies, resilient infrastructure development, research and development, and securing financial resources. The ongoing formulation of India’s National Adaptation Plan (NAP) aims to create a comprehensive framework aligned with sustainable development goals to ensure climate resilience across all regions and sectors, the Survey said.
Innovative Urban Solutions: Vertical Gardens
Addressing challenges like urban heat islands, rising carbon emissions, and air pollution due to rapid urbanization, the Survey highlighted the potential of vertical gardens, also known as living walls or vertical greenery systems (VGS). These installations transform urban facades into green spaces, enhancing building aesthetics, improving thermal performance, sequestering carbon, and promoting biodiversity in densely populated cities. The Survey suggested enhancing the Energy Conservation and Sustainable Building Code (ECSBC) to include explicit guidelines for vertical gardens to improve urban air quality and mitigate heat islands.
Balancing Energy Transition and Security
While acknowledging progress in renewable energy capacity, the Survey noted challenges in scaling these resources due to limitations in storage technologies and access to essential minerals. It highlighted the tension between energy transition and energy security, evident in the actions of developed countries and the complexities of integrating fossil fuels with renewables. The Survey underscored the importance of thermal power in India’s sustainable development, advocating for the efficient use of coal through supercritical (SC), ultra-super-critical (USC), and Advanced Ultra Super Critical (AUSC) technologies to reduce emissions.
Advancing Research and Development
The Survey called for increased research and development in battery storage, recycling, and sustainable disposal of waste associated with renewable energy systems. It also emphasized the need to transform ‘Mission LiFE’ into a widespread public movement through comprehensive awareness campaigns, fostering a collective commitment to sustainable living practices.
References:
https://www.indiabudget.gov.in/economicsurvey
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