News By/Courtesy: Lia Jils | 08 Oct 2020 11:01am IST

HIGHLIGHTS

  • India's struggle to lift millions out of poverty is going to hit harder than other nations.
  • Green investments have outpaced India's GDP growth.
  • Electric mobility is also a crucial sector for India to actually show advances.

India is a developing country and it struggles a lot to lift millions of people out of poverty and this is going to be harder than other nations. This is due to environmental problems such as storms, heatwaves, and floods which together put the country at risk about 4.5% of the country's estimated $2.8 trillion annual gross product. The good news is that green investments have outpaced India's GDP growth but the report did not map pollution activities, biodiversity, agriculture, etc. The GDP growth in India grew at an average rate of 7.2% which indicates that the green investments have potential economic growth in the country. Climate actions are actions taken by the country to solve climatic issues such as steps to reduce greenhouse gas emissions, and integrating climate change measures into national policies. 

There is a need for transforming green finance across all low-carbon sectors as there is potential for renewable energy and other green technologies to fuel India's economy. The government's support to unlock private investment has also helped. According to recent reports, private investors contributed the largest share. The domestic green finance expenditure totaled to around RS, 71000 for two years. The Indian government's initiative which includes public-sector undertakings on climate-related mitigations doubled from 2016-2017 to 2017-2018 while budgetary allocations increased by 36%. The reports say that their air pollution, emissions have quite increased and there is no information available on whether the financial sector is keeping pace to achieve green economic developmental goals. This information will be invaluable for policymaking. 

India's energy sector is fast growing in the world which attracts substantial investments meeting the country's climate goals. During the years between 2015 and 2018 energy investments in India grew very faster than any of the other nations. In 2017 investments in renewable energy had surpassed fossil fuels for the first time. Strong financial support by the Government of India has played a crucial role in accelerating the country's renewable energy sector. But the COVID-19 pandemic has slowed down all the sectors and the government has to find alternative ways to finance the transition. The wind power sector also sheds down due to weak monsoons, availability issues, etc. Countries like Canada, France, Germany introduced green measures towards recovery, and it's now the opportunity for India to emerge as a leader from developing nations. The government should also push electric two-wheelers because due to social distancing and other norms a lot of people are looking forward to buying their own two-wheelers. Electric mobility is also a crucial sector in India. 

 

This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.

Section Editor: Pushpit Singh | 08 Oct 2020 17:31pm IST


Tags : #environment #India #climate change

Latest News







Copyright Kalyan Krishna MediaZ Private Limited. All rights reserved. Unless otherwise indicated, all materials on these pages are copyrighted by Kalyan Krishna MediaZ Private Limited. All rights reserved. No part of these pages, either text or image may be used for any purpose. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies.