India is only G20 nation in line with ‘2 degree goal’ to combat global warming: Economic survey

New Delhi: India is the only G20 nation in line with 2-degree centigrade warming, stated Economic Survey 2023-24, which was tabled in Parliament by Union Minister of Finance Nirmala Sitharaman on Monday.

The two degree target is the international climate policy goal of limiting global warming to less than two degrees Celsius compared to pre-industrialization levels (1850–1900). It is an integral part of the Paris climate agreement.

The survey mentioned that despite being one of the fastest-growing economies in the World, India’s annual per capita carbon emission is only about one-third of the global average.

Highlighting the significant Progress made by India on Climate Action, the survey stated that India achieved most targets of the first NDC well in advance.

“Nation achieved 40 per cent cumulative electrical power installed capacity from non-fossil fuel-based energy sources in 2021 and reduced the emission intensity of India’s GDP from 2005 levels by 33 per cent in 2019– nine and eleven years before the target year of 2030” it said.

The survey stated that India’s share of non-fossil sources in the installed electricity generation capacity has reached 45.4 per cent up from 32 per cent in April 2014.

India is also on track to make an additional carbon sink of 2.5 to 3.0 billion tonnes through tree and forest cover by 2030, with a carbon sink of 1.97 billion tonnes of CO2 equivalent having already been created from 2005 to 2019.

On adaptation plan, the survey said India’s total adaptation-relevant expenditure has increased from 3.7 per cent of GDP in 2015-16 to 5.60 per cent of the GDP in 2021-2022.

The survey emphasised upon the energy transition, saying India’s energy needs are expected to grow 2 to 2.5 times by 2047 to meet a growing economy’s developmental priorities and aspirations.

Highlighting various challenges to India’s development of a low-carbon path, Economic Survey mentioned that expanding renewable energy and clean fuels will increase demand for land and water.

Survey highlighted several initiatives taken by the Government to improve energy efficiency and said such initiatives translates to a total annual cost savings of approximately ₹1,94,320 Crore and an annual CO2 emissions reduction of around 306 million tonnes.

The Survey talks about Mission LiFE, which is envisaged as a mass movement to address climate change and foster sustainable living based on conservation and moderation principles.

It extensively talks about India leading several international initiatives towards climate change mitigation and building resilience.

The International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT) are some of such important examples.