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<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. <br /><br />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". <br /><br />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>. <br /><br />"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. <br /><br />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. <br /><br />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. <br /><br />"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. <br /><br />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. <br /><br />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. <br /><br />"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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. <br /><br />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

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>. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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. <br /><br />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

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

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers.<br /><br />Here's a breakdown of the key initiatives announced:<br /><h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications.<br /><h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power.<br />  <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div><br /><h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>.<br /><br />Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time.<br /><h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials.<br /><h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current '<em>Perform, Achieve and Trade</em>' mode.<br /><h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase.<br /><br />As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally.<br />  <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div><br /><h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change.<br />  <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div><br /><h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies.<br /><h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. <br /><br />All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.<br />

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year.<br /><br />India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts!<br /><h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power.<br /><h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly.<br /><div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div><br /><h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency.<br /><h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes.<br /><h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions.<br /><div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div><br /><h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream.<br /><h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future.<br /><br />By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.<br />

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

<ul class="summary-list"><li>Electric vehicles is the only industry on track to meet climate goals by 2030, a new report found.</li><li>EVs accounted for 10% of new car sales globally in 2022, and needs to hit at least 75% by 2030.</li><li>The EV market is a rare bright spot. No other sector is on pace to cut emissions fast enough. </li></ul><p>A quick Google search for electric vehicles suggests a bump in the road. </p><p>Some automakers are reporting slower-than-expected demand, and <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9nbS1kZWxheXMtbm9ydGgtYW1lcmljYW4tZXYtcHJvZHVjdGlvbi1nb2FsLWJhdHRlcmllcy0yMDIyLTEwP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB925ff214"><u>General Motors</u></a> and <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9mb3JkLWRlbGF5cy1ldi1tYW51ZmFjdHVyaW5nLWludmVzdG1lbnQtY2Fycy10b28tZXhwZW5zaXZlLTIwMjMtMTA_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eBed943fd1"><u>Ford</u></a> are pushing back investments in production.</p><p>But a <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly9maWxlcy53cmkub3JnL2Q4L3MzZnMtcHVibGljLzIwMjMtMTEvc3RhdGUtY2xpbWF0ZS1hY3Rpb24tMjAyMy5wZGY_VmVyc2lvbklkPXpwbHJweTZCc21mUm4yeTNrU0IwQkZkZndBYVR6WHNNJnV0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB64c7c2b4"><u>report published Tuesday</u></a> found that the EV sector is on track to meet 2030 targets aimed at averting the worst impacts of the climate crisis. There's no indication that any other industry — including power, buildings, agriculture, and finance — will curb greenhouse-gas emissions enough to meet 2030 targets. </p><p>"This is the fourth time we're writing this report, and the first time ever we've had an indicator on track," Judit Hecke,<strong> </strong>the<strong> </strong>coauthor of the State of Climate Action 2023 and an analyst at NewClimate Institute, told Business Insider. </p><p>The report, a joint effort by a coalition of groups known as Systems Change Lab, tracks 42 indicators of climate progress, including renewable energy, deforestation, and sustainable diets.</p><p>Last year EVs accounted for 10% of new car sales, primarily in China, the European Union, and the US. That percentage needs to be at least 75% by the end of the decade, according to the report.</p><p>Data suggests that EV sales <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly93d3cuY294YXV0b2luYy5jb20vd3AtY29udGVudC91cGxvYWRzLzIwMjMvMTAvUTMtMjAyMy1LZWxsZXktQmx1ZS1Cb29rLUVsZWN0cmljLVZlaGljbGUtU2FsZXMtUmVwb3J0LnBkZj91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eB48208c87"><u>are booming</u></a> globally this year. Kelley Blue Book found US customers bought nearly 50% more EVs as of the end of September compared to the same time last year. A similar trend <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly93d3cucmV1dGVycy5jb20vYnVzaW5lc3MvYXV0b3MtdHJhbnNwb3J0YXRpb24vZ2xvYmFsLWV2LXNhbGVzLXN0YXktc3Ryb25nLWNoaW5hLWhpdHMtcmVjb3JkLWRlc3BpdGUtZW5kLXN1YnNpZGllcy0yMDIzLTExLTE0Lz91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eBd89bddda"><u>is playing out in China and the EU.</u></a></p><p>The EV success story is due to several factors, Hecke said. Batteries are lighter, more affordable, and have longer ranges. Some countries, including the US, Norway, and China, also dole out subsidies such as tax breaks and parking discounts to EV buyers. Canada, Chile, and the EU are banning the sale of gas-powered cars in 2035, as are a handful of US states.</p><p>Buying an EV is also one of the easier climate solutions to adopt.</p><p>"This doesn't require transformational change," Hecke said. "People like driving and can continue to do so, but feel a little bit better about themselves. It's easier to swallow than someone telling you that you can't eat meat."</p><p>People still need to drive less and take more buses and trains to reduce emissions, Hecke added. That requires big investments in public transit. The report found that, collectively, countries would need to build the equivalent of three New York City transit systems a year until 2030 to meet climate goals. </p><p>That said, the strength of the EV market is a rare bright spot in a week marked by warnings about how far off the world is from tackling the climate crisis. </p><p>The UN on Tuesday said that emissions must be slashed by 43% this decade compared to 2019 levels, but <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly91bmZjY2MuaW50L25ld3MvbmV3LWFuYWx5c2lzLW9mLW5hdGlvbmFsLWNsaW1hdGUtcGxhbnMtaW5zdWZmaWNpZW50LXByb2dyZXNzLW1hZGUtY29wMjgtbXVzdC1zZXQtc3RhZ2UtZm9yLWltbWVkaWF0ZT91dG1fbWVkaXVtPW5ld3NsZXR0ZXImZW1haWw9Y2JvdWRyZWF1JTQwaW5zaWRlci5jb20meD04MTI4ZTI5ZTMwN2Q4YzI2MjI4NzBjNDNkMmU4MzFhMjJjZTUwMDkyNTVhMTUwZDU0NzE3MDM1ZThjYjBkMGE2/628bdf90094963f5ad0eef3eB06831a76"><u>national climate plans</u></a> will only amount to a 2% drop. The Biden administration chronicled how <a target="_blank" href="https://newsletter.businessinsider.com/click/33386970.5813/aHR0cHM6Ly9uY2EyMDIzLmdsb2JhbGNoYW5nZS5nb3YvP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eBced7a75e">extreme weather in the US</a> is becoming more frequent and costly, with disasters that cause at least $1 billion in damage now occurring every three weeks on average, compared to once every four months during the 1980s.</p><p>Hecke noted that even though the State of Climate Action offers a similar warning, there are signs that broader change is happening. Renewable energy is heading in the right direction, electric heat pumps are quickly replacing fossil fuel-powered home appliances in Europe, and there are many low-carbon steel projects underway.</p>

The EV industry is the only sector in the world on track to meet global climate goals  

<ul class="summary-list"><li>The SBA expanded its loan programs to support investments in clean energy businesses.</li><li>It will also let lenders apply to extend loan sizes up to $2 million for climate-related projects.</li></ul><p>The Small Business Administration is <a target="_blank" class="" href="https://www.businessinsider.com/sba-loans-small-business-lending-rules-change-2023-8">expanding its loan programs</a> to support investments in <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">clean energy</a> and <a target="_blank" class="" href="https://www.businessinsider.com/biden-administration-wants-boost-clean-energy-pay-through-tax-credits-2024-6">climate-friendly businesses</a>.</p><p>The SBA announced on July 22 that it is increasing the maximum loan available through its Community Advantage program — which provides financing to entrepreneurs in underserved markets,<strong> </strong>like low-income communities<strong> —</strong> with increased flexibility for <a target="_blank" class="" href="https://www.businessinsider.com/how-the-climate-crisis-can-change-make-economy-better-resilient-2023-9">climate-focused projects</a>.</p><p>The SBA will increase the maximum loan amount for active lenders to $500,000 from $350,000. It is also creating an application process for lenders to expand their loan size up to $2 million for climate-focused projects or $1 million for general projects.</p><p>Lastly, the SBA will create an application for Community Advantage<strong> </strong>lenders to expand their geographic reach.</p><p>The changes are part of the SBA's green lender initiative, which aims to enroll more climate-focused lenders in SBA programs and raise capital <a target="_blank" class="" href="https://www.businessinsider.com/jobs-climate-manufacturing-work-best-places-georgia-carolinas-2024-1">to support sustainable businesses</a>.</p><p>Isabel Guzman, the administrator of the SBA, said in a statement that the green lender initiative aims to support "mission-driven climate lenders" and help fund "the small business clean energy transition."</p><p>"Small businesses and homes account for more than one-third of US<strong> </strong>emissions, so it is vital that they are part of the solution," Guzman said.</p><p>SBA loans, provided through banks or other financial institutions, help entrepreneurs raise capital.</p><p>The SBA offers three main types of loans:</p><ul><li>Microloans range from $500 to $50,000 and are offered through nonprofit community-based lenders.</li><li>504 loans provide financing up to $5.5 million for major fixed assets like real estate and are provided through certified development companies — nonprofits regulated by the SBA to provide loans.</li><li>7(a) loans provide long-term financing up to $5 million for general small business investments and are offered through most banks. The SBA guarantees 85% of 7(a) loans up to $150,000 and<strong> </strong>75% on loans larger than that amount.</li></ul><p>Community Advantage — the program being expanded by the green lender initiative — is a segment of the 7(a) loan program.</p><p>"SBA loans have been assisting small businesses and the lenders who support them for decades," Katie Frost, associate administrator for the SBA Office of Capital Access — which helps businesses find lenders — said in a <a target="_blank" class="" href="https://www.sba.gov/article/2024/07/22/biden-harris-administration-opens-sba-loan-programs-new-green-lenders-help-small-businesses-meet">statement</a>. "The SBA is excited to welcome green banks and similar institutions into SBA lending, to capitalize on these benefits and broaden their support to more American small businesses."</p><h2 id="dd41d010-97e4-4f2c-8584-f56dcf925fb5">SBA focuses on climate-friendly businesses</h2><p id="dd41d010-97e4-4f2c-8584-f56dcf925fb5">The expansion of the SBA's loan programs comes after several years of record entrepreneurship.<strong> </strong>Under the Biden administration, there have been <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/06/12/statement-from-president-joe-biden-on-a-record-18-million-small-business-applications/#:~:text=Today%2C%20my%20Administration%20announced%20over,powered%20our%20economic%20comeback%20continues">18 million small business</a> applications. Additionally, in past years, the SBA has <a target="_blank" class="" href="https://www.businessinsider.com/sba-loans-small-business-lending-rules-change-2023-8">revised its loan requirements</a> to expand outreach to underserved communities.</p><p id="dd41d010-97e4-4f2c-8584-f56dcf925fb5">The SBA's focus on climate-friendly businesses is part of the Biden<strong> </strong>administration's green energy goals, which include a carbon pollution-free power sector by 2035 and a <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/20/fact-sheet-president-biden-to-catalyze-global-climate-action-through-the-major-economies-forum-on-energy-and-climate/#:~:text=Putting%20the%20Power%20Sector%20on%20a%20Path%20to%20Net%20Zero%20Emissions&amp;text=President%20Biden%20has%20set%20an,by%20no%20later%20than%202050.">zero-emission economy</a> by 2050.</p><p>The 2022 Inflation Reduction Act — the largest <a target="_blank" class="" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">climate-focused federal package in US history</a> — approved spending on green energy projects, including authorizing the $27 billion <a target="_blank" class="" href="https://www.epa.gov/greenhouse-gas-reduction-fund">Greenhouse Gas Reduction Fund</a> through the Environmental Protection Agency.</p><p>The green lender initiative will help small businesses tap into this fund, according to the SBA.</p><p>"The green lending initiative will help advance EPA's and SBA's shared goals of ensuring that communities and small businesses have access to the capital they need to support and benefit from a cleaner and more sustainable economy," Michael S. Regan, EPA administrator, said in a statement.</p><p><em>Are you a small-business owner or entrepreneur scaling a startup right now? This reporter wants to hear from you. Please reach out at </em><a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com"><em>jtowfighi@businessinsider.com</em></a></p>

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