India is spearheading one of the world’s most ambitious clean energy transitions on its own despite the adverse impacts of COVID-19 on the economy, according to the Economic Survey 2023 tabled by Union Finance Minister Ms Nirmala Sitharaman in the Lok Sabha today.
The availability of adequate and affordable finance remains a constraint in India’s climate actions. The country has so far largely met its requirements from domestic sources and any further expectations for large-scale climate measures by the country should receive support from developed countries “in the form of means of implementation, including finance, technology transfer, and capacity-building support.” States the survey.
Admonishing the duplicity of developed countries on climate action, the survey says: “It does not seem so strange or irresponsible that developing countries must put their own growth and development aspirations ahead of their global climate obligations when one considers that developed countries set aside their obsessive concerns about climate change and global warming to burn more coal to generate electricity this year. The behaviour of European nations in 2022, eminently understandable, demonstrates the return of energy security as a prime requirement for countries. Therefore, it stands to reason that it would be no different for developing economies too.”
Calling out developed countries, the survey said that “the global climate agenda will advance if advanced countries can set examples of policy and behavioural changes that work in their backyard and whose trade-offs are well recognised and accepted by their people.”
India has already achieved its target of 40 per cent installed electric capacity from non-fossil fuels ahead of 2030. It has advanced the target to 50 per cent, which shall also translate to a significant reduction in the average emission rate. The National Hydrogen Mission and Green Hydrogen Policy have been introduced to enable India to be energy independent by 2047. Its pivotal role is also reflected in India’s Long Term Low Emissions Development Strategy (LT-LEDS).
