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The Economic Survey 2023-24, tabled in Parliament, underscores India's dual challenge of mitigating climate impacts while ensuring economic growth. As a developing nation, India must navigate the delicate balance of advancing its developmental needs alongside a low-carbon pathway, primarily funded through domestic resources. Developing countries, including India, are disproportionately affected by climate change due to existing vulnerabilities and lower resilience. Despite contributing less to global emissions, these nations are pivotal to climate solutions. India has committed to ambitious greenhouse gas emissions reduction targets through its Nationally Determined Contributions (NDCs), contingent on support from developed countries. Significant financial resources and technology transfer are necessary to incorporate climate change considerations into development models. Estimates indicate that developing countries need $5.8-11.5 trillion by 2030 to implement low-carbon development pathways. However, the current flow of these resources is inadequate, necessitating a focus on sustainable economic growth to build resilience against climate impacts.
India ranks among the most climate-vulnerable countries globally. In response, the government has launched various initiatives, including seven out of nine missions under the National Action Plan on Climate Change (NAPCC) focusing on adaptation. India's adaptation-relevant expenditure has increased from 3.7% of GDP in 2015-16 to 5.6% in 2021-22, reflecting the integration of climate resilience into development plans. Nonetheless, this also places significant pressure on domestic resources, highlighting the need for increased international adaptation finance. Coastal regions are particularly vulnerable to climate impacts. Since 2014, India has designated 56 new Ramsar sites, bringing the total to 82 and covering 1.33 million hectares, underscoring the importance of wetland conservation as a crucial adaptation measure.
India's energy needs are projected to grow 2 to 2.5 times by 2047. The country aims for an orderly transition to a diversified energy mix with a significant share of non-fossil sources, balancing its Net Zero 2070 goal with developmental needs. This transition requires careful resource allocation to improve climate resilience while sustaining social and economic development. The Economic Survey emphasizes that continued economic growth is the best insurance against climate change for developing countries like India. It calls for a balanced approach that addresses climate vulnerabilities while prioritizing essential development objectives. India's approach, as highlighted in the Economic Survey, underscores the need for a holistic strategy that integrates climate resilience into its development plans, leverages international support and ensures sustainable economic growth.
