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New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<ul class="summary-list"><li>President-elect Donald Trump has questioned the reality of the climate crisis.</li><li>He's expected to withdraw the US from the Paris Agreement, which he also did in his first term.</li></ul>President-elect Donald Trump has long questioned the reality of the climate crisis, describing it as a "scam" and accusing policies to tackle the crisis of destroying US jobs.Many expect him to withdraw the US from the Paris Agreement to limit emissions upon taking power in January, as he did in his first term.But his hostility to green policies conflicts with another of his priorities — challenging the rise of China."A second US withdrawal from the Paris Agreement would present a significant opportunity for China to expand its leadership role in multilateral climate issues," Herbert Crowther, an analyst with the Eurasia Group in New York told Business Insider.Trump's victory is overshadowing this week's UN climate summit in Baku, Azerbaijan, where pledges from Biden administration officials are tempered by the fact they won't be around for long.And China is already positioning itself to fill the power vacuum and build its global influence."In the week since the election, we're already seeing China try to claim the mantle of global climate leadership and portray itself as the more "responsible" actor in this space," Lily McElwee, fellow in the Freeman Chair in China Studies at the Center for Strategic and International Studies in Washington, DC, told Business Insider."Beijing is out in force at COP29 calling for the United States under Trump to engage in 'constructive dialogue' and highlighting China's contributions to decarbonization through major investments in electric vehicles and other greentech industries."<div type="image" title="Chinese solar power station" height="576" width="1024" msid="115335201" hostid="261" sizebytes="137800"></div><h2 id="f89b9ca3-aa4a-4bb2-a5bf-27324f610f4d">The green tech superpower</h2>China has a curious position as both the world's largest polluter, and a powerhouse of green technology.It tops the <a target="_blank" class="" href="https://interactive.carbonbrief.org/the-carbon-brief-profile-china/index.html#">rankings for greenhouse emissions</a>, which helped power its huge economic growth in recent decades. In 2020, President Xi Jinping pledged that China would become <a target="_blank" class="" href="https://chinaeucn.com/carbon-neutrality-china/#:~:text=In%20September%202020%2C%20president%20Xi,carbon%20neutrality%20to%20the%20world.">carbon neutral by 2060,</a> and it's on track this year to record its first drop in greenhouse <a target="_blank" class="" href="https://www.businessinsider.com/china-meeting-us-climate-solar-panels-coal-power-energy-security-2024-5">emissions since 2016.</a>At the same time, China has pushed harder to produce its own green technology — and sell it to the rest of the world.It is the world's largest producer of electric vehicles and solar panels, and the percentage of its energy coming from renewable sources <a target="_blank" class="" href="https://www.iea.org/reports/renewables-2023/executive-summary#">is rapidly growing.</a>That work brings practical and economic benefits. Analysts also point to other motives for Beijing's green push: influence and power."Where the Trump administration sees renewable energy as a threat to jobs, China is leveraging clean energy as part of a long-term strategic gambit," wrote <a target="_blank" class="" href="https://www.brookings.edu/articles/chinas-belt-and-road-initiative-is-poised-to-transform-the-clean-energy-industry/">Daniel Araya of the Brookings Institute in Washington, DC, in 2018.</a>China, as part of its "Belt and Road" initiative to grow its global influence, has provided developing countries with renewable energy technologies, including wind farms."Green tech plays a critical role in Xi's economic vision. While China has spent a decade trying to catch up to the United States and other advanced economies in existing tech (like semiconductors), it is increasingly focused on securing leadership in emerging industries like cleantech," said McElwee.The strategy is paying off, with global demand for renewable energy production technologies predicted to surge, and China set to account for 60% of installed global renewable energy capacity by 2030, according to an <a target="_blank" class="" href="https://www.iea.org/news/massive-global-growth-of-renewables-to-2030-is-set-to-match-entire-power-capacity-of-major-economies-today-moving-world-closer-to-tripling-goal">October report by the International Energy Agency.</a>The US lags China as a clean tech economic power.Trump has been explicit about his plans to repeal and otherwise roll back climate policies from the Biden administration.That included <a target="_blank" class="" href="https://www.politico.com/news/2024/09/05/trump-inflation-reduction-act-00177493">a pledge</a> just before the election to "rescind all unspent funds" from President Joe Biden's Inflation Reduction Act, which provided billions in funding for clean tech.<h2 id="d064aeb1-2497-4d9c-b893-7e2c1b98241d">Will China step up? </h2>There are also doubts over how much China is willing to take an international leadership role on climate issues.It's been wary of international agreements to tackle climate change in the past, and last year was accused by European officials of <a target="_blank" class="" href="https://www.reuters.com/business/environment/china-denies-reports-it-obstructed-g20-climate-discussions-2023-08-02/#:~:text=China%20denies%20reports%20it%20obstructed%20G20%20climate%20discussions%20%7C%20Reuters">obstructing G20 efforts </a>to tackle the climate crisis, Reuters reported. Assuming a leadership role would likely require China to send money to other countries, said Crowther. "The key question for officials in Beijing will now turn to whether China wants to deepen its financial commitments to helping other countries—particularly emerging markets—accelerate their own energy transitions," he said.Crowther said the run up to next year's COP30 summit in Brazil would provide clues of China's intentions. Ultimately, Xi may be more interested in cementing China's economic advantages than in concrete diplomatic pledges. "Although Beijing will try to boost its image as a global leader on climate change, I don't know how much substance will follow," said McElwee.

Trump called the climate crisis a scam. It could prove a gift to China.

Climate Action 15: 2024's top global innovators powering green solutions

<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products. However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years. <h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>. Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles. And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka. <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant. <h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power. <h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts. <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year. India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States. <div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture. <h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity. This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact. <h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030. <h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change. India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024. <h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds. <h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”. In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP. <h2>International initiatives</h2>India has spearheaded several international initiatives such as 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). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

Climate Action 30: Top global leaders addressing the climate crisis through collectivism, community, and accountability in 2023

<ul class="summary-list"><li>The European Union risks missing its 2030 climate goals, with Germany and Italy lagging behind.</li><li>The two countries may have to spend €15 billion on carbon credits to comply with a climate law.</li></ul>The European Union is at risk of missing its ambitious climate goals for 2030, and Germany and Italy are largely to blame.The two countries are so far off track of cutting greenhouse gas emissions in industries like transportation and buildings that they could be forced to spend upwards of $16.1 billion (€15 billion) on carbon credits to comply with an EU law, <a target="_blank" href="https://www.transportenvironment.org/articles/12-eu-countries-fail-to-comply-with-2030-national-climate-targets-new-study">according to research by T&amp;E</a>, a nonprofit that advocates for cleaner transportation.There's just one problem: Germany and Italy could eat up the majority of credits available across the EU, setting up a costly bidding war by other countries that also miss their climate goals."Germany and Italy are eating up all available carbon credits from their neighbours, leaving them stranded and at risk of legal proceedings," Sofie Defour, climate director at T&amp;E, said in a statement. "The German government will soon have to face its citizens asking for even more money and deepening the budget crisis yet further, to make up for their weak policies."An EU climate law, known as the Effort Sharing Regulation, sets binding emissions reduction targets for each of the bloc's 27 countries. The overall goal is to slash emissions by 40% by 2030, compared to 2005 levels. The law applies to industries like transportation, buildings, and agriculture, which account for just under two-thirds of EU emissions.Countries that miss their climate targets can buy credits from neighboring ones that outperform their goals.Spain is expected to have the most surpluses, T&amp;E found, followed by Greece and Poland. But at least 12 countries are on track to miss their national climate targets.Attempts by countries including Germany, Italy, and France to slash emissions from agriculture and transportation <a target="_blank" href="https://www.businessinsider.com/angry-european-farmers-protests-tractors-roads-manure-eu-green-deal-2024-2">have sparked protests by farmers and citizens</a> worried they will push up the costs and make EU products more expensive than imports.The backlash helped the far-right gain seats in the European Parliament following the election this month.Defour said countries face a choice: pay billions to their neighbors for their carbon debt or implement stronger climate policies, such as insulating houses to make them more energy efficient.

Germany and Italy are the biggest climate laggards in Europe, study finds      

<ul class="summary-list"><li>Data centers and large commercial buildings waste a lot of heat.</li><li>The utility Con Edison plans to capture the heat to help power underground thermal energy networks.</li></ul>Less than a block from the bustling Chelsea Market on the west side of Manhattan, data centers hum 24 hours a day in a nondescript building.All that computing power generates an enormous amount of heat, which has to be removed to keep the equipment cool and prevent outages. That heat becomes wasted energy when it's vented out the roof.All that computing power generates an enormous amount of heat, which has to be removed to keep the equipment cool and prevent outages. That heat becomes wasted energy when it's vented out the roof.The utility Con Edison wants to capture the heat and pipe it to a nearby affordable-housing complex, in a system known as a thermal energy network. A closed-loop network of water pipes and electric heat pumps circulates energy through buildings, creating an efficient heating and cooling system that avoids burning fossil fuels in residents' homes.The pilot could be one of three that ConEd builds in and around New York City to test a cleaner way of delivering energy to customers. The proposals are in the design phase and likely won't be fully approved by regulators until late 2025, Gregory Koumoullos, ConEd's department manager of thermal energy networks, said. But the intention is to eventually scale the networks to help New York achieve its climate goals, because burning fossil fuels in buildings accounts for 32% of the state's greenhouse-gas emissions — the largest single source.The pilot could be one of three that ConEd builds in and around New York City to test a cleaner way of delivering energy to customers. The proposals are in the design phase and likely won't be fully approved by regulators until late 2025, Gregory Koumoullos, ConEd's department manager of thermal energy networks, said. But the intention is to scale up the networks to help New York achieve its climate goals, because burning fossil fuels in buildings accounts for 32% of the state's greenhouse-gas emissions — the largest single source.If the pilots go well, they could prove a business model for other gas utilities to follow to decarbonize entire neighborhoods, and potentially lower energy bills along the way."These pilots are just the first phase," Koumoullos said. "The larger the network you have, the lower the cost is because you can connect more customers with less infrastructure and they are sharing more waste heat. Thermal networks really bloom at a larger scale."The technology isn't new. But ConEd is among the first utilities in the country to propose thermal energy networks after New York enacted a law two years ago requiring the utility to try it. Six other states, including Colorado and Massachusetts, have enacted similar laws either allowing or mandating pilots. Gas utilities have legal mandates to sell gas, so states have to pass laws allowing them to expand into new systems.In Framingham, Massachusetts, the utility Eversource is leading the way. The utility already connected dozens of residential and commercial buildings to a geothermal network for a two-year pilot, <a target="_blank" href="https://www.wbur.org/news/2024/03/08/networked-geothermal-eversource-framingham-pilot-project-decarbonization">WBUR reported</a>. The project involved drilling boreholes hundreds of feet below ground, where the temperature is usually a constant 55 degrees Fahrenheit. Water pipes are connected to ground-source electric heat pumps in buildings, which exchange and push energy around the system.ConEd is proposing its own geothermal network for Mount Vernon, a suburban neighborhood north of New York City where up to 76 buildings, including homes, apartment complexes, churches, and fire stations, could be hooked up. But drilling boreholes isn't always feasible in densely packed cities, which is why capturing waste heat from data centers and other buildings is being tested. Rockefeller Center in NYC is the other proposed site.<h2 id="7f12dc53-e013-48cb-ae17-f381e823311d">High upfront costs, but long-term benefits</h2>Retrofitting buildings and laying new pipes is expensive. The estimated price tag of all three pilots combined is $255 million, which would be spread across ConEd's customer base, Koumoullos said. For those participating in the pilots, ConEd would guarantee that energy costs won't go up during a 5-year test period. The utility is also looking at tax breaks under the Inflation Reduction Act to offset the cost to customers. ConEd would use the pilots to find out the actual costs of building thermal energy systems and test different ways to charge customers.The high up-front costs are a barrier to wider adoption. But climate advocates point out that an increasing amount of money is also being spent on replacing old gas lines every year. Between 2011 and 2022, gas utilities' capital expenditures on distribution infrastructure tripled from $7 billion a year to nearly $21 billion, according to a report by HEET, <a target="_blank" href="https://assets-global.website-files.com/649aeb5aaa8188e00cea66bb/663a27270c0fa4fffcfe447d_Leaked-and-Combusted-May-2024.pdf">a climate-solutions nonprofit</a> that spearheaded the push for thermal energy networks.Whether utility-scale projects can recoup the upfront costs in energy savings remains to be seen. That was the case at Colorado Mesa University, which built a geothermal network in 2008. Kent Marsh, the university's vice president for capital planning sustainability and campus operations, said switching to geothermal saved $1.5 million a year. The system paid for itself within about 11 years.Morgan Hood, the manager of new product development at Vermont Gas, told Business Insider that some utilities are looking for new business models. Vermont Gas aims to be net zero by 2050, so is considering community geothermal as a way to get there. Hood helped launch the Utility Networked Geothermal Collaborative, which now includes 27 gas utilities in North America that serve about half the customers in the US, so they can keep tabs on pilot projects and share information."All eyes are on New York, in large part because it will show how these systems can be regulated within a utility environment," she said.

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