PROMOTING GREEN ECONOMY

Among the top seven priorities (Saptarishi) of the Union Budget 2023-24, in a significant initiatives, the Government has started Lifestyle for Environment (LiFE) movement with a view to sensitize all stakeholders, including the public at large, about the need for mindful utilization instead of mindless consumption of resources. A comprehensive and non-exhaustive list of 75 individual environment-friendly actions (LiFE actions) across 7 categories has been identified for nudging individuals, communities and institutions as a part of this movement. While giving a reply to a question in Lok Sabha, Minister of State for Environment, Forest and Climate Change, Ashwini Kumar Choubey stated that the five elements enunciated by India at COP26 in Glasgow in November 2021 have been appropriately incorporated in enhanced Nationally Determined Contribution (NDC) under Paris Agreement and Long-term Low Carbon Development Strategies towards net zero emissions by 2070, in accordance with the principles of equity and Common but Differentiated Responsibilities and Respective Capabilities (CBDR-RC) in light of National Circumstances. The update to NDC submitted to UNFCCC in August 2022 includes India’s commitment to reduce Emissions Intensity of its GDP by 45 percent by 2030, from 2005 level; achieve about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030, with the help of transfer of technology and low-cost international finance including from Green Climate Fund; and put forward and further propagate a healthy and sustainable way of living based on traditions and values of conservation and moderation, including through a mass movement for ‘LIFE’- ‘Lifestyle for Environment’ as a key to combating climate change. The NDC update is a step towards achieving India’s long-term goal of reaching net-zero by 2070; for which India has prepared and submitted a separate framework document titled ‘India’s Long-term Low Carbon Development Strategy’ to the secretariat of the UNFCCC in November 2022. India’s long term strategy rests on seven key transitions to low-carbon development pathways including promotion on economy-wide decoupling of growth from emissions and development of an efficient, innovative low-emission industrial system. It was also stated that Government of India has already taken a number of measures including the announcements in the Union Budget 2022-23 and 2023-24. Green economy is one of the top seven priorities (Saptarishi) of the Union Budget presented to the Parliament on Feb 1, 2023. The Union Budget provides for Rs. 35,000 crores for priority capital investments towards energy transition and net zero objectives, and energy security. The Budget pushes energy transition by encouraging domestic production of solar power equipment and batteries, in line with India’s climate commitments.

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