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Calling it a tragedy, the Economic Survey has pointed at the gaping hole in the delayed climate action plans of the 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 (GHG) 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.
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 the 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 Change & Forestry (LULUCF) 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 has grown with a Compound Annual Growth Rate (CAGR) of about seven per cent, whereas the emissions grew at a CAGR of about four per cent, it pointed out.
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 2-degree centigrade warming.
Last year, the government said India has successfully reduced the emission intensity vis-à-vis its GDP by 33 per cent between 2005 and 2019, thus achieving the initial 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 Nationally Determined Contribution (NDC) targets till 2030, access to finance and technology at a reasonable cost is needed,” it said.
This includes from the developed countries, as mandated by existing global agreements on climate change such as the United Nations Framework Convention on Climate Change (UNFCCC) and the 2015 Paris Agreement.
Meanwhile, India is on track to make an additional carbon sink of 2.5 to 3.0 billion tonnes through tree and forest cover by 2030, with a carbon sink of 1.97 billion tonnes of CO2 equivalent having already been created from 2005 to 2019, the Survey said. It also added 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 batted for the need to have a diversified mix of energy sources, including renewables (solar, wind, large and small hydro), green hydrogen, nuclear, and biofuels. “Such diversification will help minimise risks associated with energy systems while pursuing low-emission pathways in line with national commitments. The diversification also includes a significant role for thermal power in providing the base load to support large-scale deployment of renewables,” it said.
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.
First Published: Jul 22 2024 | 6:27 PM IST
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