Union Budget 2024 | Economic Survey on climate change and mitigation measures

A day prior to the presentation of Union Budget 2024, Finance Minister Nirmala Sitharaman released the Economic Survey, a comprehensive document on the state of the Indian economy.

Here's what the Economic Survey says on climate change:

India is the only G20 nation in line with the 2-degree Celsius global warming cap, and is in mission-mode to fight climate change.

India has made strides in its renewable energy capacity. Since 31 May 2024, the share of non-fossil resources in the installed electricity generation capacity has reached 45.4 per cent.

In view of India's growing developmental priorities, the country's energy needs are expected to grow 2 to 2.5 times by 2047.

Expanding renewable energy will see a rise in demand for land and water. In order to see this expansion, energy transition needs to be met with other demands of resources.

The Survey also highlights the need for energy efficiency measures and the need for government's initiatives to promote them.

The International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), are just some of the many international initiatives led by India.

In order to mitigate climate change, there is a need for a balanced approach to energy transition, and the importance of sustainable development.

In order to raise proceeds for public sector projects the government took the issue of sovereign green bonds worth Rs 16,000 crore its under its wing in January-February 2023.

Fostering the idea of sustainable living, the government's Mission LiFE propels the common man to address the issue of climate change.

The survey emphasizes that India must have its own method to combat climate change. It must not follow the Western approach, which doesn't fall in line with the nation's needs.

India's plan to mitigate climate change must take into account the country's unique cultural and social fabric.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.