Economic Survey 2023: Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2022-2023 at the Union Parliament on Tuesday, January 31, 2023, a day before the announcement of the Union Budget 2023. The survey mentioned several areas such as climate change and environment, prices and inflation, social infrastructure and employment, and agriculture and food management, among others. It stated India’s goals to combat climate change, and the efforts made by the country to reduce emissions and promote green energy.
The slogan used to mention the feats achieved in the fight against climate is ‘Climate Change and Environment: Preparing to Face the Future’.
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The following are some of the key points mentioned about climate change and the environment:
- The economic survey states that India declared the Net Zero Pledge to achieve net zero emissions goal by 2070. At the 2021 United Nations Climate Change Conference (COP26) held in Glasgow, Scotland, Prime Minister Narendra Modi declared the Net Zero Pledge.
- The survey notes that India has achieved its target of 40 per cent installed electric capacity from non-fossil fuels ahead of 2030.
- The survey states that about 50 per cent cumulative electric power installed capacity will come from non-fossil fuel-based energy resources by 2030.
- According to the survey, the likely installed capacity from non-fossil fuels will be more than 500 Gigawatts (1 billion watts) by 2030. This will result in a decline in average emission rates by around 29 per cent by 2029-30, compared to 2014-15.
- The survey states that India aims to reduce the emissions intensity of its Gross Domestic Product (GDP) by 45 per cent from its 2005 levels by 2030.
- India launched a mass movement called LIFE, which stands for ‘Life Style For Environment’.
- In November 2022, Sovereign Green Bond Framework (SGrB) was issued.
- The Reserve Bank of India (RBI) auctioned two tranches (pieces of a pooled collection of securities) of Sovereign Green Bonds worth INR 4,000 crores.
- The National Green Hydrogen Mission aims to enable India to be energy independent by 2047.
- India aims to develop a green hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum by 2030.
- India aims to achieve a cumulative reduction in fossil fuel imports over INR 1 lakh crore and create over six lakh jobs by 2030 under the National Green Hydrogen Mission.
- India aims to achieve renewable energy capacity addition of about 125 GW and abate nearly 50 MMT of annual GHG emissions by 2030.
- The survey mentions the progress on eight missions under the National Action Plan (NAP) on climate change to address climate concerns and promote sustainable development.
- As of October 2022, solar power capacity of 61.6 GW has been installed. This is a key metric under the National Solar Mission.
- Investments in renewable energy in India in the last seven years stand at USD 78.1 billion. Therefore, India is becoming a favoured destination for renewables.
- Under the National Mission on Sustainable Habitat, 62.8 lakh individual household toilets and 6.2 lakh community and public toilets have been constructed as of August 2022.