July 22, 2024
2 mins read

India Advances on Climate Action: Economic Survey

The Survey showed that the country’s energy needs are expected to grow 2 to 2.5 times by 2047….reports Asian Lite News

Recognising its position as one of the most climate-vulnerable countries, India has made significant progress on environmental protection, according to the Economic Survey 2023-24, tabled in Parliament on Monday.

The document was tabled by Finance Minister Nirmala Sitharaman, a day ahead of the Union Budget presentation.

The Survey showed that the country’s energy needs are expected to grow 2 to 2.5 times by 2047.

The country has “successfully reduced the emission intensity vis-a-vis its Gross Domestic Product (GDP) by 33 per cent between 2005 and 2019, thus achieving the initial Nationally Determined Contributions (NDCs) target for 2030, 11 years ahead of scheduled time”.

The country has “also committed to increasing the share of non-fossil fuel-based electricity to 40 per cent and enhancing forest cover to absorb 2.5 to 3 billion tonnes of carbon dioxide by 2030”.

It showed that the country’s GDP grew with a Compound Annual Growth Rate (CAGR) of about seven per cent between 2005 and 2019. On the other hand, the emissions grew at a CAGR of about four per cent, that is, “the rate of emissions growth is lower than the rate of growth of our GDP”.

“This shows that India has successfully decoupled its economic growth from greenhouse gas emissions, reducing the emission intensity of its GDP,” the Survey said.

As per the Survey, India’s primary energy needs in 2022-23 were met with almost “84 per cent from coal, oil and natural gas combined”.

With the addition of renewables, “the share of non-fossil power capacity increased to 45.4 per cent as of May 2024 from around 32 per cent in April 2014”.

The Survey attributed these to recent initiatives such as PM-Surya Ghar Yojana, launched in February 2024, harnessing India’s 7,600 km long coastline for wind energy; and the Green Hydrogen Mission which targets five MMT of green hydrogen by 2030.

Meanwhile, India has also led several international initiatives towards climate change mitigation and building resilience. These include the International Solar Alliance (ISA), One World, One Sun, One Grid, The Coalition for Disaster Resilient Infrastructure, The Infrastructure for Resilient Island States, and the goal of Net Zero, the Leadership Group for Industry Transition.

To sustain its economic growth rate over a quarter century and do it sustainably, India needs to keep “the environment and climate in mind”, said the Survey.

It also called for “the integration of climate change strategies into national development policy and planning as not merely an environmental imperative but more, as it impacts socio-economic stability, public health, banking, and public finances.

The Economic Survey is prepared by the Economics Division of the Department of Economic Affairs of the Finance Ministry under the guidance of India’s Chief Economic Advisor (CEA).

ALSO READ: US Needs Israel, No Matter Who Wins: Netanyahu

Previous Story

US Needs Israel, No Matter Who Wins: Netanyahu

Next Story

Economic Survey: India Ready for FDI in Green, Telecom Sectors

Latest from -Top News

Modi: We’ll Hunt Them Down

The Prime Minister thanked nations that extended support to India in the aftermath of the terror attack…reports Asian Lite News In his first address after the horrific terror attack in Pahalgam, Jammu

Moscow Steps Up Afghan Diplomacy

Russia sees a potential economic partner in the Taliban authorities, who praised Moscow for scrapping the “terrorism” label last week…reports Asian Lite News Russia has announced that it will elevate the Afghan

World leaders condemn Kashmir terror attack 

Strong messages of condemnation of the terror attack came from leaders in different parts of the world including the US, Russia, UAE, Israel, Singapore, France, Sri Lanka and Iran  World leaders strongly

India downgrades ties with Pakistan 

The decision — which also included the downgrading of diplomatic ties with Pakistan — came after a meeting of the Cabinet Committee on Security (CCS), chaired by the PM   India on

Sindh Lawyers Lead Protests Against Canal Plan 

The protests, which have been ongoing for weeks, have gathered significant attention from various sectors of Sindh’s civil society, including nationalist parties, farmers, writers, and members of the legal community.  Judicial activities
Go toTop

Don't Miss

India to touch 316.06 million tonnes record in food grain production

The sugarcane production is estimated at 414.04 MT while cotton

India, Bahrain celebrate golden jubilee of diplomatic ties

Minister of State for External Affaira V. Muraleedharan met with