India's climate action: Efforts toward sustainability & climate change mitigation
In the era of rising mercury and frequent natural disasters, India is actively engaged in climate action, demonstrating a strong commitment to sustainability and mitigating climate change. Through comprehensive efforts, the developing country is implementing measures to reduce greenhouse gas emissions, promote renewable energy adoption, and enhance environmental resilience. Here is everything from 2023 that sums up India's commitment to the matter.
Union budget 2023-24 increases outlay for green energy
India's focus on bolstering the renewable energy sector was made evident in September when Renewable Energy Minister RK Singh said that there has been a Foreign Direct Investment (FDI) of $6.1 billion in the sector, starting April 2020. Additionally, the 2023-24 budget extended the outlay for renewable or green energy by almost 50 percent compared to the previous year.
Significant stride in solar energy generation
This year, the country also achieved a significant milestone in solar energy. On December 13, the Union Ministry of New and Renewable Energy revealed that India's solar power capacity has reached 72.02 GW. Three states that championed the cause include Gujarat, Karnataka, and Rajasthan. Over 120 countries are a part of the International Solar Alliance (ISA), which was jointly conceived by India and France.
PM Modi attends COP28 in Dubai
Last month, Prime Minister Narendra Modi joined other world leaders in Dubai to participate in the 2023 United Nations Climate Change Conference (COP28). While more than 100 nations came together to push for a complete fossil fuel phase-out in the COP28 agreement, India—heavily reliant on coal—remained silent. The final agreement called upon countries to contribute toward "transitioning away from fossil fuels."
PM Modi launched Green Credit Initiative at COP28
PM Modi also launched the Green Credit Initiative at COP28 in Dubai. First introduced by the Ministry of Environment, Forest and Climate Change on October 13, the initiative prioritizes two things—water conservation and afforestation. Notably, the environment ministry has defined the initiative as a "market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders like individuals, communities and private industries."
Government issues Carbon Credit Trading Scheme
In June, the Power Ministry issued a notification on the Carbon Credit Trading Scheme (CCTS). CCTS—brought into effect through the Energy Conservation (Amendment) Bill, 2022—empowers the government to establish a carbon trading framework. Key constituents of the scheme include the India Carbon Market Governing Board, the administrator, the registry, etc. Emission trading involves trading excess emission units to aid others in meeting their targets.
Green Development Pact adopted at G20 meeting in New Delhi
In September, global leaders at the G20 Summit in New Delhi signed a Green Development Pact for a Sustainable Future. The agreement prioritizes sustainable development and inclusive economic growth. Furthermore, it acknowledges that limiting global warming to 1.5 degrees is achievable by reducing global greenhouse gas emissions by 43 percent before 2030. NITI Aayog hosted a workshop on the same subject in November.
