Need for balanced approach by G20 between development priorities, climate action: FM
Union Finance Minister Nirmala Sitharaman stressed upon a balanced approach between development priorities and climate action during her address at the G20 meet.
India needs Rs 56.68 lakh crore for climate action by 2030 but much of the resources flow for climate action, mitigation and adaptation are primarily from domestic resources, the Economic Survey 2024 said on Monday.
“The preliminary estimates of the overall resource requirement, as stated in the country’s NDC, are USD2.5 trillion for 2015-2030. The Long-Term Low Emission Development Strategy (LT-LEDS) submitted by the country highlighted that financial resources of the order of tens of trillions of dollars would be required by 2050 for India’s transition towards a low-carbon development pathway,” the Economic Survey said.
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“India’s 1st Adaptation Communication (AC) submitted to UNFCCC mentioned the cumulative need for expenditure for adaptation to be Rs 56.68 trillion by 2030,” it added.
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The survey highlighted that India, despite making significant strides in climate action, often faces criticism for not aligning with Western solutions. This criticism stems from a lack of appreciation for the country’s unique social and cultural fabric, which is already rich with sustainable development ideas.
It highlighted that a shift to the ‘traditional multi-generational households’ would create the pathway towards sustainable housing, notes the Survey.
Sourcing materials and labour locally for the construction of houses, central courtyards with well-ventilated spaces, and avenues for natural lighting and cooling would all exert a positive externality on the environment by lowering resource and energy requirements.
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