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

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

In a massive move for the country’s growing climate woes, India is aiming to control weather phenomena like rainfall, lightning, and hail within five years. Dubbed "<keyword id="23131560" type="General" weightage="20" keywordseo="Mission-Mausam" source="keywords">Mission Mausam</keyword>," this government-backed initiative includes the development of <keyword id="23148975" type="General" weightage="20" keywordseo="Mausam-GPT" source="keywords">Mausam GPT</keyword>, a weather AI model designed to enhance prediction accuracy and even manipulate the weather. This would make India one of the first countries to experiment with <keyword id="21369368" type="General" weightage="100" keywordseo="weather-modification" source="keywords">weather modification</keyword> on a significant scale.<br /><h2>Mission Mausam</h2>India’s "Mission Mausam" aims to reshape the future of weather management by using technology to control rain. Over the next 18 months, the government will start with lab simulations to either enhance or suppress rainfall. The ultimate goal, as outlined by Earth Sciences Secretary M. Ravichandran, is to roll out full-scale weather modification within five years. He stated that the initiative could even target events like Independence Day, where “one can think about suppressing rain.”<br /><br />By deploying <keyword id="20644540" type="General" weightage="20" keywordseo="cloud-seeding" source="keywords">cloud seeding</keyword> techniques alongside AI-driven weather prediction tools like "Mausam GPT," the mission seeks to significantly improve India’s ability to manage extreme weather conditions. A key aspect of the plan involves building a robust system of advanced radars, supercomputers, satellites with high-performance sensors, and GIS-based decision support systems. This cutting-edge tech is expected to boost India’s short- and medium-range weather forecasting accuracy by 5-10%, ensuring no event — such as cloudbursts — goes undetected.<br /><div type="Article" hostid="261" msid="113251187" title="India braces for an intensely harsh winter as La Niña takes hold" mstype="2" mssubtype="0"></div>India is not new to weather manipulation efforts. The government has been running pilot projects, such as the Cloud Aerosol Interaction and Precipitation Enhancement Experiment (CAIPEEX) in Maharashtra, to study cloud properties and enhance rainfall.<br /><h2>Why is weather manipulation necessary and is it safe?</h2>Extreme weather events in India, like deadly floods, droughts, and hailstorms, have noticeably increased in frequency due to <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword>. Mission Mausam could potentially give India an edge in combating these disasters. For example, imagine preventing a flood by suppressing rain or creating artificial rain during a drought. India’s investment of Rs 2,000 crore over two years certainly reflects the seriousness of the mission, which is expected to expand further as research progresses.<br /><br />However, weather modification, including cloud seeding, is not without controversy. Globally, cloud seeding has had limited success, with countries like the US, Russia, and China also experimenting with these methods but facing inconsistent results. Even former MoES Secretary Madhavan Rajeevan has noted that “the technology is complex” and still in its developmental stages.<br /><div type="Article" hostid="261" msid="112825937" title="Shivaji Maharaj Statue collapse: Identifying 5 reasons behind the accident" mstype="2" mssubtype="0"></div>Further, the potential downsides can't be ignored. While controlling the weather could save lives, meddling with natural processes is risky. Weather manipulation might have unintended ecological consequences, like shifting rainfall patterns that could harm ecosystems and agriculture. It may also pose geopolitical risks, as neighbouring countries could accuse India of altering weather systems that affect their own climates.<br /><br />Ultimately, while the idea of managing the weather may seem appealing, it opens up a Pandora’s box of environmental and ethical challenges that need careful consideration.<br />

The Indian government is taking steps to control rainfall and weather within five years — is it too risky of a move?

<ul class="summary-list"><li>The DNC is using the final stretch of The Eras Tour to urge young people to vote for Kamala Harris.</li><li>Taylor Swift began a three-night run of shows at Miami's Hard Rock Stadium on Friday.</li></ul><p><a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-world-richest-female-musician-forbes-key-difference-rihanna-2024-10">Taylor Swift</a> began the final US leg of <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-self-publishing-eras-tour-book-disrupting-industry-again-2024-10">The Eras Tour</a> this weekend, and the Democratic National Committee (DNC) has seized the opportunity to capitalize on the pop star's recent endorsement of Kamala Harris.</p><p>The singer-songwriter, who said she was <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-endorses-kamala-harris-2024-8">officially backing Harris in the election race last month</a>, began a three-night run of concerts at the Hard Rock Stadium in Miami on October 18.</p><p>The same day, the <a target="_blank" class="editor-rtfLink" href="https://democrats.org/news/in-the-states-across-battleground-states-democrats-urge-voters-to-make-a-plan-to-vote-early-and-enter-their-kamala-era/">DNC launched its "I Will Vote" campaign</a>, targeting youth voters in <a target="_blank" class="" href="https://www.businessinsider.com/battleground-states-2024-presidential-election-road-white-house-2022-12">battleground states</a> ahead of the November 5 election.</p><p>Harnessing "Swiftie" lexicon, the campaign includes a Snapchat filter where voters can declare they are "fearless" for several issues that Harris has championed, including reproductive rights and climate action.</p><p>The DNC said the campaign would begin with a mobile billboard on a boat near the Hard Rock Stadium, billboards across Miami, and the Snapchat filter, which it said would be available to users in battleground states.</p><div type="image" title="Kamala Harris" height="2400" width="3600" msid="114379156" hostid="261" sizebytes="646670"></div><p>"This election will determine the future for young voters, from student loan debt relief and economic opportunity to whether they have fewer rights than their grandmothers did," Rosemary Boeglin, DNC communications director, said in a statement.</p><p>"We're not taking any vote for granted, and we'll continue to make sure young voters across the country know everything that's at stake and the stark contrast between Vice President Harris' New Way Forward and Donald Trump's Project 2025 agenda," she added.</p><p>It's not apparent whether Swift was involved with the initiative. A representative for the singer did not respond to a request for comment from Business Insider, which was sent outside regular working hours.</p><p>While celebrity endorsements are typically unlikely to have too much of an effect on voting, <a target="_blank" class="" href="https://www.businessinsider.com/women-voters-kamala-harris-election-bid-greek-life-reproductive-rights-2024-9">Swift's huge fanbase could have a sizable impact</a>.</p><p>Swift's Instagram endoresment of Harris drove more than 400,000 users to the voting information site vote.gov over the following day, according to multiple reports.</p><p><a target="_blank" class="editor-rtfLink" href="https://www.instagram.com/p/C_wtAOKOW1z/">In the post</a>, Swift described Harris as a "steady-handed" leader and said she was "heartened and impressed" by her selection of Walz as running mate.</p><p>"I've done my research, and I've made my choice. Your research is all yours to do, and the choice is yours to make," she added.</p>

Democrats target 'Swiftie' voters as The Eras Tour returns: 'We're not taking any vote for granted'

<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

Today, it's undeniable that humanity holds a profound influence over Earth's climate and its biodiversity. However, contrary to modern media sensationalism, this relationship is not a recent revelation but a saga as ancient as time itself. Human impact on our planet's intricate web of life stretches back tens of thousands of years — possibly even since they first sauntered into the picture.<br /><br />Recent <a href="https://www.cambridge.org/core/journals/cambridge-prisms-extinction/article/latequaternary-megafauna-extinctions-patterns-causes-ecological-consequences-and-implications-for-ecosystem-management-in-the-anthropocene/E885D8C5C90424254C1C75A61DE9D087">studies</a> have spotlighted the extinction or rapid decline of large mammals over the past 50,000 years. While <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> was once a convenient scapegoat, it has proven insufficient to explain these phenomena. Instead, mounting evidence implicates human activity as the primary driver.<br /><br />This phenomenon, known as the <keyword id="22261268" type="General" weightage="20" keywordseo="late-Quaternary-megafauna-extinction" source="Orion">late-Quaternary megafauna extinction</keyword>, marks a significant departure from previous extinction events in Earth's history, with distinct characteristics that set it apart. Unlike earlier extinction events that were often localised, the late-Quaternary extinctions were global in scope and severe in impact. They disproportionately affected larger-bodied species, with megaherbivores weighing over 1,000 kg particularly vulnerable. Shockingly, of the 57 known megaherbivore species from this period, only 11 survived beyond 1,000 AD, highlighting the scale of loss.<br /><br /><h2>Tale as old as time<br /></h2>The narrative begins roughly 100,000 years ago, a time when mammoths roamed icy plains, sabre-toothed tigers prowled lush jungles, and giant ground sloths navigated primaeval forests. Despite the formidable odds, <em>Homo sapiens</em>, armed with finely crafted spears, ascended to the top of the food chain. However, their ascent left behind a trail of dwindling populations and silent extinctions.<br /><br />Previous periods of dramatic climate shifts, like ice ages, didn't cause such widespread extinction of large animals. New research highlights key points that point towards human intervention:<br /><br /><ul><li>Timing: Megafauna extinctions coincided with the arrival of modern humans in different regions around the globe.</li><li>Targeted hunting: Evidence from archaeological digs, like traps and spear points, suggests humans actively hunted these large animals. Isotope analysis even reveals that these giants were a major food source for our ancestors.</li><li>Vulnerability of megafauna: Large animals with slow reproduction rates were particularly susceptible to overhunting by humans.</li></ul>Yet, the impact wasn't limited to extinctions. Even species that survived, like elephants, bears, kangaroos, and antelopes, bore lasting scars from humanity's rise. A 2023 study analysing the DNA of 139 surviving megafauna species reveals a troubling decline in their populations over the last 50,000 years.<br /><br />Further, challenging prevailing theories that blame climate change for extinctions, study author Jens-Christian Svenning emphasised that many extinct megafauna inhabited temperate or tropical climates, undermining climate as the sole explanation.<br /><br /><h2>Looking ahead<br /></h2>The loss of so many large animal species has had profound ecological consequences worldwide. These include disruptions to trophic processes, alterations in physical environmental engineering such as landscape modification, and changes in the transport of energy and matter within ecosystems. The repercussions of these extinctions continue to reverberate through modern ecosystems.<br /><br />In response to these ecological shifts, efforts in megafauna-based trophic rewilding have gained traction as a potential strategy for ecosystem restoration under current global change scenarios. By reintroducing large herbivores into landscapes, researchers and conservationists aim to re-establish ecological processes and enhance biodiversity.<br /><br />Furthermore, the interplay between megafauna and human-driven biotic globalisation underscores the complex relationships between species and ecosystems. Domesticated megafauna, such as livestock, present both ecological challenges and opportunities in managing modern landscapes.<br /><br />As debates continue among scholars — whether to blame climate change or human migration — the echoes of history resound clearly. Standing on the brink of a new era where our technological prowess imperils ecosystems and countless species, the story of these giants serves as a stark warning. What remains to be seen is if we heed the lessons from their decline and the enduring impact humanity has etched into the fabric of evolution, or if we will repeat the errors of our ancestors, leaving only silence in our wake?<br />

Over 80% of prehistoric megaherbivores went extinct due to human activity and not climate change: Study

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!

The pre-budget <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> on Monday called for urgent reforms in India's <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword>, warning that the structural issues could impede the country's overall <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> trajectory. The survey, tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, highlighted the untapped potential of the <keyword id="20682012" type="General" weightage="20" keywordseo="Indian-agriculture" source="keywords">Indian agriculture</keyword> sector compared to other economies. <br /><br /> Chief Economic Advisor V Anantha Nageswaran called for a pan-India dialogue on the agriculture sector. <br /><br /> The survey, presented ahead of the annual budget, emphasised that India has yet to fully leverage its agricultural sector for economic growth and job creation, unlike East Asian economies and Western developed nations. <br /><br /> "Indian agriculture is not in a crisis now but requires a serious <keyword id="20544318" type="General" weightage="20" keywordseo="structural-transformation" source="keywords">structural transformation</keyword> because climate change and water criticality loom large in the times to come," the survey stated. <br /><br /> The CEA advocated for a reassessment of existing policies, despite current government subsidies and support measures for farmers. <br /><br /> "The payoff will be immense if we untie the knots that bedevil farm sector policies," Nageswaran said in the survey's preface. <br /><br /> While the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation, he added. <br /><br /> The survey identified several key challenges, including balancing growth with food inflation management, improving price discovery, and addressing land fragmentation. <br /><br /> To address these challenges, the survey recommends multi-pronged reforms, which include: upgrading agricultural technology, enhancing marketing avenues, adopting farming innovations, reducing input wastage, and improving the agriculture-industry linkages. <br /><br /> The document stressed the need to shift focus from basic <keyword id="19992806" type="General" weightage="20" keywordseo="food-security" source="keywords">food security</keyword> to nutritional security, aligning with a 'demand-driven food system' that is both nutritious and environmentally sustainable. <br /><br /> The survey suggested that policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. "This dual objective requires careful policy interventions." <br /><br /> The survey also emphasized the need for a farmer-friendly policy framework to ensure markets function in farmers' interests. <br /><br /> It recommended avoiding bans on futures or options markets at the first sign of price spikes; invoking bans only under exceptional circumstances; re-examining the inflation-targeting framework; increasing the total net irrigated area, and aligning farming practices with <keyword id="22505922" type="General" weightage="20" keywordseo="climate-considerations" source="keywords">climate considerations</keyword>. <br /><br /> Looking ahead to 2047, the survey highlighted the potential of agriculture and allied sectors (horticulture, livestock, fisheries, dairy, and food processing) for sustained <keyword id="20268655" type="General" weightage="20" keywordseo="employment-generation" source="keywords">employment generation</keyword>. <br /><br /> "To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted. <br /><br /> It suggested that India may need to reconsider the traditional development model of transitioning from agriculture to industry and services.

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

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

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

<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><p>The European Union is at risk of missing its ambitious climate goals for 2030, and Germany and Italy are largely to blame.</p><p>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<strong> </strong>T&amp;E</a>, a nonprofit that advocates for cleaner transportation.</p><p>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.</p><p>"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."</p><p>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.</p><p>Countries that miss their climate targets can buy credits from neighboring ones that outperform their goals.</p><p>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.</p><p>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.</p><p>The backlash helped the far-right gain seats in the European Parliament following the election this month.</p><p>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.</p>

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

<keyword id="19902762" type="General" weightage="100" keywordseo="Google" source="keywords" meta.keywordsubtype="org" meta.entityname="Google" meta.hostid="261" meta.entityid="Google">Google</keyword> is intensifying its focus on <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> with the introduction of advanced AI tools aimed at breaking down <keyword id="20932433" type="General" weightage="20" keywordseo="language-barriers" source="keywords">language barriers</keyword> and enhancing agricultural practices, a senior company official said. Abhishek <keyword id="22795920" type="General" weightage="20" keywordseo="Bapna" source="keywords">Bapna</keyword>, Director of Product Management at Google <keyword id="20260498" type="General" weightage="20" keywordseo="DeepMind" source="keywords">DeepMind</keyword>, highlighted the importance of reducing language barriers in India's economic development. <br /><br />"Language is very essential for economic development. For instance, a language barrier should not hinder someone from explaining their medical issues to a doctor or accessing banking services," Bapna said during his short visit to IIM Calcutta. <br /><br />The tech giant has launched Google <keyword id="19896990" type="General" weightage="20" keywordseo="Gemini" source="keywords">Gemini</keyword>, formerly known as Bard, an artificial intelligence chatbot that supports more than 40 global languages, including nine Indian languages. <br /><br />Bapna added that Google's ongoing focus is on continuously improving language quality and expanding support for more Indian languages in the future. <br /><br />Currently, the chatbot supports nine Indian languages - Hindi, Bengali, Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu and Urdu. <br /><br />Bapna noted the complexity of India's multilingual environment, where people often use multiple languages simultaneously. <br /><br />This presents unique challenges for AI models, as they must correctly identify and apply the appropriate dictionaries to understand and generate accurate responses, Bapna said. <br /><br />To empower developers in India, Google is expanding <keyword id="22364430" type="General" weightage="20" keywordseo="Project-Vaani" source="keywords">Project Vaani</keyword> in collaboration with the Indian Institute of Science (IISc). <br /><br />The project offers developers over 14,000 hours of speech data across 58 languages, collected from 80,000 speakers in 80 districts. <br /><br />Additionally, Google introduced IndicGenBench, a comprehensive benchmark designed specifically for Indian languages. This initiative aims to assess and fine-tune language models for more accurate and effective use in India. <br /><br />In a parallel effort to support India's agricultural sector, Google is working towards launching the Agricultural Landscape Understanding (ALU) Research API. This limited availability tool is designed to make agricultural practices more data-driven and efficient. <br /><br />The ALU API aims to enhance farm yields, improve access to capital, and provide better market access for farm products. <br /><br />"On agriculture, right now we are conducting a pilot with the Telangana government that is already underway. Once the pilot is complete, we plan to scale it up and engage actively with state governments," Bapna said. <br /><br />He emphasized that Google's agricultural initiatives are driven by two major goals: improving livelihoods and addressing climate change through necessary interventions. <br /><br />"Banks and insurance companies could also be end users. Right now our focus is to make sure that the technology works properly," Bapna said. <br /><br />By offering granular landscape insights at the farm field level, the ALU API is expected to transform India's agricultural ecosystem.

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