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

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

<ul><li>In recent years, Bhumi has stepped onto a bigger stage – one where the spotlight shines on environmental and climate awareness. </li><li>Acknowledging her efforts, the <keyword id="19984049" type="General" weightage="20" keywordseo="UNDP" source="keywords">UNDP</keyword> named her as India's first National Advocate for <keyword id="19950641" type="General" weightage="20" keywordseo="sustainable-development-goals" source="keywords">Sustainable Development Goals</keyword> (SDGs).</li><li>In an exclusive interview with <keyword id="21390875" type="General" weightage="20" keywordseo="Business-Insider-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Business Insider India" meta.hostid="261" meta.entityid="Business Insider India">Business Insider India</keyword>, <keyword id="19939209" type="General" weightage="100" keywordseo="Bhumi-Pednekar" source="keywords">Bhumi Pednekar</keyword> spoke about her struggles with eco-anxiety and her take on the <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword>.</li></ul> Lights, camera, Earth! When we first saw Bhumi Pednekar in Dum Laga Ke Haisha in 2015, we witnessed her impressive acting skills and her ability to connect with the audience. With time, she grew into a formidable presence on the Indian cinema landscape, paving the way for socially-aware, yet entertaining filmography. In recent years, this Bollywood superstar has stepped onto a bigger stage – one where the spotlight shines on environmental and climate awareness. In a world where the spotlight often blinds stars to the sufferings of the planet and its people, Bhumi reminds us that every person on this planet needs to keep that spark for eco-consciousness alive. In an exclusive interview with Business Insider India, Bhumi Pednekar spoke about her struggles with eco-anxiety during her early years, her efforts to strike a balance between her professional career and environmental responsibilities, her advice for the younger audience, and her take on the climate action across the globe. <a href="https://www.youtube.com/watch?v=QDxplE0_Os4" data-type="tilCustomLink">Catch the full interview here!</a> <div type="image" title="Actress Bhumi Pednekar" agency="Business Insider India" msid="109502773" hostid="261" caption="&amp;lt;p&amp;gt;Actress Bhumi Pednekar&amp;lt;/p&amp;gt;"></div> “When I started my climate journey, it was a very lonely path for me, Every time I spoke about it, people made fun of me. Eventually, through the years, I met like-minded people, and I realised that this is a real problem. Even today, I get really worried, I have bouts of anxiety and go into a spiral that you know, what will happen now and so on. In such times, what truly helps me is to actually do something towards dealing with the problem,” says Bhumi. Acknowledging her efforts to spread awareness on these critical topics, the United Nations Development Programme (UNDP) named her as India's first National Advocate for Sustainable Development Goals (SDGs). Just last month, the World Economic Forum (WEF) recognised her as a Young Global Leader (YGL). On <keyword id="21293562" type="General" weightage="20" keywordseo="Earth-Day" source="keywords">Earth Day</keyword> 2024, she also joined UNDP’s global initiative called the ‘The Weather Kids’ — a global campaign to raise awareness about climate change and drive the world towards taking meaningful climate action. Talking about the campaign Bhumi Pednekar stated, "I’m deeply disturbed by Climate Change and the impact that it is having the world over. I have dedicated my life to working on this and helping raise awareness… I have always been committed to using my platform to raise awareness about the urgency of climate action and to empower individuals and communities to adopt sustainable practices. Together, we can make a difference and create a more sustainable and resilient world for future generations.” Further, Bhumi’s role as a <keyword id="21390874" type="General" weightage="20" keywordseo="climate-warrior" source="keywords">climate warrior</keyword> has also seen her collaborating with activists and institutions nationwide, amplifying their voices and supporting initiatives focused on environmental preservation and climate action. As an ardent advocate for environmental and climate action, she has effectively utilised her fame to champion causes like waste segregation, rainwater harvesting, recycling, and conscious fashion choices. <div type="image" title="Actress Bhumi Pednekar" agency="Business Insider India" msid="109503174" hostid="261" caption="&amp;lt;p&amp;gt;Actress Bhumi Pednekar&amp;lt;/p&amp;gt;"></div> “Climate Warrior, which is our nonprofit, is an advocacy platform I started in 2019. The idea was to bring all the work of creating awareness under one umbrella. And then we started the Bhumi Foundation, through which we are again just trying to streamline everything that we do, we have not opened it up for others to come in and work,” said Bhumi, encouraging younger generations to also find their own tribe to influence and drive change. The theme for today’s World Earth Day 2024 is Planet Vs Plastic, and it is time for all of us to gauge our individual and collective impact on our environment and try to reduce it. “One big thing that we can do is to look for and support businesses that are trying to go green and create a positive impact on our planet. If investors support such businesses, and consumers pick such products, our carbon footprint can be lesser,” explains Bhumi. “Every day is Earth Day. This is our only home, there is no alternative, and there is no plan B! The way we show empathy and sympathy towards our loved ones, we should show empathy towards everybody else that we share this planet with. It really breaks my heart when you see on the news that a major city like Bangalore is still witnessing a water crisis and our capital city Delhi has winter days where schools are canceled because of the pollution. We are all in this together, we all are a part of the problem. And we all need to be a part of the solution as well,” concludes Bhumi. Disclaimer: The opinions expressed are of the interviewee and do not necessarily reflect the views of Business Insider India. The excerpts has been partly edited for length and clarity.

Earth Day 2024: Actress Bhumi talks about 'Pednekar ke ped', ostrich mentality, climate anxiety and more

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

<ul class="summary-list"><li>Trump has officially announced Sen. Marco Rubio as his pick for secretary of state.</li><li>Rubio is a China hawk, has been sanctioned twice by Beijing, and may even be barred from the country.</li></ul>US President-elect Donald Trump has officially announced Sen. Marco Rubio as his secretary of state pick after days of speculation.Nominating Rubio is especially notable for the Florida senator's <a target="_blank" class="" href="https://x.com/SenMarcoRubio/status/1855002858262766019">thorny relationship with China</a> and steadfast support of Taiwan, raising questions about what US-Chinese relations will look like if he's confirmed.Earlier this week, sources close to Trump told The New York Times they were confident Rubio would be the president-elect's nomination. On Wednesday, Trump confirmed the pick, calling Rubio "a highly respected leader" who "will be a strong advocate for our nation, a true friend to our allies, and a fearless warrior who will never back down to our adversaries."In a statement, <a target="_blank" class="" href="https://www.rubio.senate.gov/rubio-statement-on-nomination-to-lead-state-department/">Rubio said he was "honored" to receive the nomination</a>. "Under the leadership of President Trump, we will deliver peace through strength and always put the interests of Americans and America above all else," the senator said. When reached out to for comment, Rubio's Senate office directed Business Insider to his statement on the nomination. The Trump transition team and the Chinese embassy in Washington didn't immediately respond to Business Insider's request for comment on Wednesday. <div type="image" title="marco rubio" height="2296" width="3300" msid="115272704" hostid="261" sizebytes="157000"></div>Since winning his senate seat in 2010, Rubio has been an outspoken critic of China. He's repeatedly spoken out about China's ambitious military and political goals, economic power, and the US' response to its growing influence.And Beijing has taken note. In 2020, Rubio and other US Senators were sanctioned by Beijing. <a target="_blank" class="" href="https://www.bbc.com/news/world-asia-china-53722811">Rubio was sanctioned, or blacklisted, twice</a> — first in retaliation for US measures against senior Chinese officials over the mass detainment and abuse of the Uyghur ethnic group, and the second after Rubio supported US sanctions against Chinese officials for their response to protests in Hong Kong. Rubio has accused China of a "grotesque campaign of genocide" against the Uyghurs. The question now is whether China will lift the sanctions on Rubio, which may prohibit him from traveling to the country, and how Washington's relations with Beijing could be impacted if Rubio's confirmed. But China's actions haven't stopped Rubio from continuing to speak out. At a 2022 talk with The Heritage Foundation, Rubio said members of the Chinese Communist Party had, for decades, "hid their true ambition to remake the global order and become the world's most powerful nation. But they don't hide it anymore."Some experts and top China watchers have indicated that China's goals, along with those of Russia, Iran, and North Korea, are to upend the US-led liberal world order.At the same talk, Rubio noted, "The gravest threat facing America today, the challenge that will define this century and every generation represented here, is not climate change, the pandemic, or the left's version of social justice. <a target="_blank" class="" href="https://www.rubio.senate.gov/icymi-rubio-speaks-on-the-threat-of-communist-china-at-the-heritage-foundation/">The threat that will define this century is China</a>."<div type="image" title="Donald Trump and Marco Rubio campaign in Florida ahead of the 2022 midterms" height="2040" width="2500" msid="115272710" hostid="261" sizebytes="98580"></div>He has expressed similar rhetoric in the past and since then, criticizing what he has said is growing and ongoing Chinese economic and political influence in the US. "They have leverage over our economy. They have influence over our society. They have an army of unpaid lobbyists here in Washington," Rubio said during a 2023 Senate speech. He also wrote an op-ed in September of this year in The Washington Post that Beijing's plans were meant to harm the US' economy. Some of that aligns with Trump's tough talk on trade with China. During the campaign trail, Trump said he planned to slap major tariffs on China in an effort to boost American business. Another looming question is what Rubio's nomination may mean for Taiwan. The Florida senator has long supported Taiwanese independence — a stance beyond the US government's long-standing One China approach — and introduced legislation to strengthen US-Taiwanese relations and increase military aid and support to Taipei in an effort to deter a <a target="_blank" class="" href="https://www.businessinsider.com/red-flags-tell-us-when-chinas-ready-to-invade-taiwan-2024-4">potential Chinese invasion or blockade</a>. If Rubio is confirmed, his time as secretary of state will come at a tense time for the Indo-Pacific region, with US officials bracing for China to be ready to seize <a target="_blank" class="" href="https://www.businessinsider.com/red-flags-tell-us-when-chinas-ready-to-invade-taiwan-2024-4">Taiwan by 2027</a>.

What Marco Rubio's nomination as Trump's secretary of state means for China and Taiwan

It’s one thing to read about <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> and <keyword id="19951337" type="General" weightage="20" keywordseo="carbon-emissions" source="keywords">carbon emissions</keyword> in an article, and quite another to see the toxic fumes engulfing your entire country — swirling over it like a certain menacing doom. <keyword id="19935155" type="General" weightage="20" keywordseo="NASA" source="keywords" meta.keywordsubtype="org" meta.entityname="NASA" meta.hostid="261" meta.entityid="NASA">NASA</keyword> recently unveiled a groundbreaking visualisation tool that offers an unprecedented look at how carbon dioxide (CO2) moves around our planet. This high-resolution model provides a stunning, animated map of <keyword id="22576003" type="General" weightage="20" keywordseo="global-CO2-concentrations" source="keywords">global CO2 concentrations</keyword>, revealing the complex patterns of this crucial <keyword id="20719964" type="General" weightage="20" keywordseo="greenhouse-gas" source="keywords">greenhouse gas</keyword>. <div type="Youtube" id="zZ-lMDtiI-k" title="Model Behavior: Visualizing Global Carbon Dioxide" thumbUrl="https://i.ytimg.com/vi/zZ-lMDtiI-k/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=zZ-lMDtiI-k]]></url></div>By combining billions of data points from satellites and ground observations, NASA scientists created a dynamic picture of how CO2 is emitted, transported, and absorbed across the globe. This interactive map showcases <keyword id="22576002" type="General" weightage="20" keywordseo="CO2-concentrations" source="keywords">CO2 concentrations</keyword> as they shifted through Earth's atmosphere from January to March 2020, influenced by wind patterns and atmospheric circulation. With its exceptional detail, you can zoom in to pinpoint CO2 emissions rising from power plants, fires, and urban areas, as they spread across continents and oceans. Over India, you can see the greenhouse gas blowing over from neighbouring continents and also originating from the subcontinent. The pulsating oranges indicate CO2 concentrations of 420-460 ppm over India. <h2>The sources of CO2 </h2>One of the most striking features of the map is its ability to zoom in on specific regions, allowing viewers to see CO2 emissions rising from individual cities and industrial complexes. This level of detail provides a clear and compelling picture of human activities' impact on the environment. The map highlights distinct emission patterns across different regions. In China, the United States, and South Asia, power plants, industrial facilities, and vehicles were the primary contributors to CO2 emissions. Conversely, in Africa and South America, fires ignited by land management practices, agricultural burning, and deforestation, along with the combustion of oil and coal, were the main sources. <h2>Pulsating gases</h2>The map also highlights the role of natural systems in the carbon cycle. Forests, oceans, and other ecosystems absorb vast amounts of CO2, acting as vital carbon sinks. However, the visualisation also reveals how human activities are overwhelming these natural systems, leading to a buildup of CO2 in the atmosphere. Further, the map exhibits a pulsating appearance. This is because, firstly, fires typically intensify during daylight hours and subside at night, creating a diurnal pattern. Secondly, the absorption and release of CO2 by plants during photosynthesis and respiration contribute to the fluctuations. This pulsing effect is particularly noticeable in regions with abundant vegetation, such as mid- to high-latitude forests and tropical areas. <div type="Article" hostid="261" msid="112021374" title="Scientists found a groundbreaking new reason to plant more trees" mstype="2" mssubtype="0"></div>“This map is a powerful tool for understanding the scale and complexity of the climate crisis,” said [Quote from NASA scientist]. “It shows us where the biggest problems are and where we need to focus our efforts to reduce emissions.” The data behind the map comes from NASA's <keyword id="22576004" type="General" weightage="20" keywordseo="goddard-earth-observing-system" source="keywords">Goddard Earth Observing System</keyword> (GEOS), a sophisticated model that simulates Earth's atmosphere with incredible detail. By applying this model to CO2, scientists have gained new insights into the gas's behaviour and its impact on the planet. As the world grapples with the challenges of climate change, tools like this are essential for informing policy decisions, tracking progress, and inspiring action. NASA’s CO2 map is a remarkable achievement that offers a glimpse into the urgent need to transition to a low-carbon future. <div type="Article" hostid="261" msid="111566431" title="June warmest on record; every month since July 2023 breached 1.5 deg C threshold" mstype="2" mssubtype="0"></div>

WATCH: A NASA animation shows gigantic plumes of carbon dioxide emissions swirling over India

<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

We might be a few months too late but we congratulate Tesla CEO <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> on the birth of his 12th child; our felicitations extend to Neuralink executive <keyword id="22138173" type="General" weightage="20" keywordseo="shivon-zilis" source="keywords">Shivon Zilis</keyword> as well. It is no doubt a happy occasion for the parents, but when a person with as much street cred as Musk has his third child with one of his employees through IVF, we can hardly let the event slide without so much as wondering why the tech mogul keeps having children. Now, we do not want to go into the details of Mr Musk’s personal life or discuss his relationships with all the mothers of his children so far — Justine Wilson, Grimes and Zilis (we have a separate <a href="https://www.businessinsider.in/thelife/personalities/news/elon-musks-12-kids-all-about-musks-dozen-kids-and-their-moms/articleshow/111280167.cms" data-type="tilCustomLink" target="_blank">story</a> for that). But we can’t help but be interested in what is driving the owner of X (formerly Twitter) to expand his family at this rate given how committed he seemed to support climate action. Before you come at us with pitchforks for being child-haters, we’re merely stating what studies have already shown: having kids is possibly among the greatest contributors to a person’s carbon footprint. Though the extent of impact has been debated in the scientific community, no one can deny that there is a substantial burden on the planet’s finite resources as the population spikes further. Mr Musk has fathered a dozen children already. And there’s no telling when baby No. 13 would make an appearance. But we do suspect that the entrepreneur thinks his heart is in the right place. If Musk’s plethora of controversy-evoking tweets and speeches are anything to go by, it seems like the billionaire believes that he’s actually doing humanity a favour by having kids. <cmsannotation type="cmsannotation" annotationid="What he thinks of the fertility crisis" comment="subhead" text="What he thinks of the fertility crisis">What he thinks of the <keyword id="22186484" type="General" weightage="20" keywordseo="fertility-crisis" source="keywords">fertility crisis</keyword> </cmsannotation>The global birth rate is dropping, nearing the point where populations stagnate or decline. This could lead to economic and social problems in the long run. Mr Musk feels very, very strongly about this, and the majority of his children were conceived through IVF. “If people don’t have more children, civilisation is going to crumble,” he said at an event. “Mark my words.” Not only does he encourage people to have bigger families, but he’s allegedly said that he wants more ‘smart people’ to have kids (that explains it). He has also joked about doing his best to help the underpopulation crisis around the time news broke that he had secretly welcomed twins with Zilis in 2021. But was he really joking? <div type="twitter" handle="elonmusk" handlename="elonmusk" favoritecount="0" retweetcount="0" id="1545046146548019201"></div>And when he welcomed his third child with Grimes a month later, Musk tweeted about it again. This time, he lamented that population collapse due to low birth rates is a much bigger risk to civilisation than global warming. <div type="twitter" handle="elonmusk" handlename="elonmusk" favoritecount="0" retweetcount="0" id="1563020169160851456"></div>We’re almost certain he fully meant what he said too, given how unserious he has seemed in his intent of curbing the <keyword id="20212385" type="General" weightage="20" keywordseo="climate-crisis" source="keywords">climate crisis</keyword> in recent times. And climate activists allege that all the baby-making is probably just another smidge of uncredible-ness to his already dwindling imagery as a climate champion. <cmsannotation type="cmsannotation" annotationid="Does Elon Musk care about climate change or not?" comment="subhead" text="Does Elon Musk care about climate change or not?">Does Elon Musk care about climate change or not? </cmsannotation>At this point, nobody can tell for sure. His brave choices to start Tesla have undoubtedly revolutionised the electric vehicle industry, offering a path towards cleaner transportation. On multiple occasions in the distant past, he has said that climate change is the biggest crisis facing humanity and he aims to address it through his work. Elon Musk has even proposed carbon taxes to incentivise a shift away from fossil fuels. However, his own lavish lifestyle paints a different picture. Musk's frequent private jet trips generate enormous carbon emissions, directly contradicting the environmental objectives of Tesla. Not to mention, since his acquisition of X, the platform has witnessed a rise in climate denialism, many climate scientists have left the platform frustrated, accusing it of becoming a breeding ground for misinformation. This directly undermines Musk's image as a champion for a clean energy future. Further muddying the waters are Musk's political leanings. His support for Republican politicians who downplay climate change raises questions about his own convictions. Clearly, this is hardly the first time we have reason to question Mr Musk’s motives for the planet through the lens of climate change. But if the SpaceX founder has changed his allegiances from the climate crisis to the fertility crisis, the world's richest man is putting his money (and genes) where his mouth is. Whether Elon Musk is having all these children due to the convoluted notion of saving human civilisation or simply because he adores kids or a little bit of both, is something only he — and probably the mothers of his children — know for sure. But this could just be the right time to ponder further about how individual choices can impact global discourse and vice versa.

Understanding Elon’s 12: Has Musk switched allegiances from climate to the fertility crisis for good?

<ul class="summary-list"><li>Supreme Court will likely discard the Chevron doctrine, which empowers federal agencies.</li><li>The decision could make it easier for courts to block President Joe Biden's climate policies.</li></ul>Climate advocates and business groups are closely watching the <a target="_blank" href="https://www.businessinsider.com/what-cases-supreme-court-hasnt-decided-trump-immunity-2024-6">US Supreme Court</a> this week.The court could issue a ruling that sharply curtails the federal government's power to regulate the environment, including <a target="_blank" href="https://www.businessinsider.com/how-to-vote-climate-issue-2024-election-biden-trump-guide">President Joe Biden's climate policies</a>.The case involves a group of commercial fishermen who opposed fees they had to pay to have federal observers aboard their vessels to prevent overfishing. But at the center is 40 decades of legal precedent known as the Chevron doctrine that has shaped the role of federal agencies.Business groups and conservatives argue that the doctrine allows federal bureaucrats to overstep their authority on issues related not only to the environment but to broad swaths of the economy. The lawyers representing the commercial fisherman are from the Cause of Action Institute, a nonprofit group in the libertarian network built by Charles Koch, the petrochemicals billionaire who has advocated for deregulation.Environmental groups are worried that overturning the Chevron doctrine will make it easier for courts to block regulations, especially those from the Biden administration designed to curb greenhouse-gas emissions that are warming the planet.Here's what to know:<h2 id="595da1ae-b802-4da6-8a2e-a41ff0dc70fc">What is the Chevron doctrine?</h2>Congress writes laws, and federal agencies write the rules to implement them. But Congress isn't always clear, and it doesn't regularly update old laws to reflect scientific or technological advancements.The Chevron doctrine holds that when the law is ambiguous, courts should defer to the federal agency's interpretation, as long as it's reasonable. These agencies are often staffed by people with technical and scientific expertise that judges don't have.That precedent stems from <a target="_blank" href="https://tile.loc.gov/storage-services/service/ll/usrep/usrep467/usrep467837/usrep467837.pdf">a 1984 court case</a> over air-pollution rules issued by the Environmental Protection Agency under President Ronald Reagan. The decision was actually a defeat for environmentalists; the Natural Resources Defense Council had sought a more expansive definition of pollutants at big industrial plants like Chevron's but lost."The doctrine was neutral," said David Doniger, a senior attorney at the NRDC who argued the original Chevron case on behalf of the group. "It originally came up in a Reagan administration effort to weaken the Clean Air Act."Doniger said that since then, the Chevron opinion has been cited more than 15,000 times by courts across the country. But he added that as the Obama and Biden administrations have pushed for stronger environmental policies, business groups and conservatives have come to see Chevron as "systematically enabling the government to do more."<h2 id="0419d5a5-8f7c-4e7c-8e07-d66aff2cd2bc">Where do the justices stand?</h2>Legal experts say the Supreme Court, with its conservative majority, is likely to overturn or significantly limit the Chevron doctrine.Justice Neil Gorsuch, a Trump appointee, said in oral arguments in January that Chevron was problematic for small businesses and individuals with little power to influence federal agencies.But Justice Elena Kagan, an Obama appointee, argued that health, safety, and environmental regulations protecting the public could be upended if Chevron were overturned.<h2 id="3c75ff4e-8b79-4bb9-b62f-824850c9c80a">What could be affected?</h2>Doniger said that while reining in Chevron could make it easier to win cases aimed at rolling back Biden's climate policies, it's hard to make predictions without knowing the scope of the Supreme Court's ruling.The EPA over the past year has set <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">stricter limits on emissions from cars</a>, trucks, power plants, and oil and gas infrastructure, <a target="_blank" href="https://www.businessinsider.com/epa-hazardous-forever-chemicals-drinking-water-limits-2024-4">as well as on toxic chemicals in tap water</a> — all of which are the targets of lawsuits from Republican-led states, the fossil-fuel industry, or other businesses."Lawyers will try to characterize these rules as stretching EPA authority," Doniger said.Meanwhile, he added, administrative lawyers have been preparing for this very scenario at the Supreme Court. Biden's EPA hasn't relied on the Chevron doctrine to defend its climate rules.That's a departure from the Obama years, when the EPA cited the Chevron doctrine in its attempt to set the first limits on carbon emissions from power plants. Lengthy court battles ensued, and the Trump administration ultimately shelved the plan.

The Supreme Court is poised to unleash a weapon against Biden's climate policies

<ul class="summary-list"><li>Supreme Court overturns Chevron doctrine, curtailing federal regulatory power.</li><li>Chevron doctrine gave federal agencies leeway to interpret ambiguous laws like the Clean Air Act.</li></ul>The Supreme Court on Friday overturned a decades-long legal precedent that has empowered the federal government to regulate the environment and other issues, unleashing a potential threat to President Joe Biden's climate policies.The court <a target="_blank" href="https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf">overruled the Chevron doctrine</a>, one of the most important principles guiding federal regulation for the past 40 years. It held that when the laws that Congress writes are ambiguous, courts should defer to federal agencies' interpretation, as long as it's reasonable.Now, however, it could be harder for agencies to address a wide range of policy areas, including the environment, health, and labor and employment. Chief Justice John Roberts authored the decision, joined by five conservative justices. The three liberal justices dissented.The ruling comes as President Joe Biden has raced to finalize a flurry of rules to combat climate change. Over the last year, the Environmental Protection Agency has set <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">stricter limits on greenhouse gas emissions from cars</a>, trucks, power plants, and oil and gas infrastructure. The agency for the first time put limits <a target="_blank" href="https://www.businessinsider.com/epa-hazardous-forever-chemicals-drinking-water-limits-2024-4">on toxic "forever chemicals,"</a> also known as PFAS, in drinking water. All of those regulations are the targets of lawsuits from Republican-led states, the fossil-fuel industry, or other businesses.Legal analysts widely expected the Supreme Court's decision. The Chevron doctrine has long been a target of business groups and conservatives who argued it allows federal bureaucrats to overstep their authority on issues related not only to the environment but also to broad swaths of the economy, such as workplace safety, telecom, and finance.The Supreme Court's conservative supermajority is similarly skeptical of federal agencies' power, as past rulings have shown.On Thursday, <a target="_blank" href="https://www.supremecourt.gov/opinions/23pdf/23a349_0813.pdf">the court put a temporary hold</a> on the EPA's plan to reduce air pollution from power plants and pipelines that blow across state lines while a lawsuit plays out in a lower court. Last year, the Supreme Court significantly narrowed how many wetlands EPA can regulate to keep them clean. In 2022, <a target="_blank" href="https://www.businessinsider.com/supreme-court-limits-greenhouse-gas-regulations-west-virginia-v-epa-2022-6">the court limited the EPA's ability to regulate carbon emissions</a> from power plants, leading the Biden administration to issue another plan under the Clean Air Act that it hopes can withstand legal challenges.<h2 id="8531e43d-b476-4020-9d67-26599c42e9a5">How did this case end up at the Supreme Court?</h2>The plea to overturn the Chevron doctrine came to the court in two cases — Loper Bright Enterprises v. Raimondo and Relentless Inc. v. Department of Commerce. These cases involved commercial fishermen who opposed fees they had to pay to have federal observers aboard their vessels to prevent overfishing.The lawyers representing the commercial fisherman are from the Cause of Action Institute, a nonprofit group in the libertarian network built by Charles Koch, the petrochemicals billionaire who has advocated for deregulation.They argued the Chevron doctrine injures small businesses and individuals who have little power to influence federal agencies."Today's restoration of the separation of powers is a victory for small, family-run businesses like ours, whether they're involved in fishing, farming, or retail," Bill Bright, the fisherman and plaintiff in the Loper Bright case, said in a statement.Defenders of Chevron argued that a broad swath of health, safety, and environmental regulations protecting the public could be upended if the doctrine were overturned, causing chaos. The doctrine is cited in more than 15,000 court decisions. Chevron also recognizes that agencies are often staffed by people with technical and scientific expertise that judges don't have.<h2 id="2f5434dc-7742-4115-875e-055829b5d1f7">What did the Supreme Court justices say?</h2>Roberts, in his opinion, said Chevron defies the Administrative Procedures Act, which requires courts to decide whether a federal agency acted within its legal authority."Perhaps most fundamentally, Chevron's presumption is misguided because agencies have no special competence in resolving statutory ambiguities. Courts do," Roberts said.He also argued that the decision to overturn Chevron doesn't call into question prior cases that relied on it. Courts that decided agency actions were lawful are still subject to "statutory stare decisis."In her dissent, Justice Elena Kagan countered that abandoning Chevron will make it difficult for policymakers to issue regulations that keep air and water clean, food and drugs safe, and financial markets honest.Kagan added: "Congress knows that it does not — in fact cannot —write perfectly complete regulatory statutes. It knows that those statutes will inevitably contain ambiguities that some other actor will have to resolve, and gaps that some other actor will have to fill. And it would usually prefer that actor to be the responsible agency, not a court."Justice Ketanji Brown Jackson recused herself from Loper Bright because she was involved in the case as a federal appeals court judge.<h2 id="8e1625cc-57cf-4b5d-8a05-6b593601c3d7">What could be the impact on climate policy?</h2>The reversal of Chevron doesn't change EPA's legal obligation under the Clean Air Act to regulate greenhouse gas emissions, which was affirmed in a 2007 Supreme Court decision, legal experts say. Congress in the 2022 Inflation Reduction Act also affirmed that power.But the Clean Air Act was written decades ago and left a lot of room for interpretation by EPA. The specific details of the agency's climate regulations may be more legally vulnerable now.At the same time, Biden's EPA hasn't relied on the Chevron doctrine to defend its climate rules because it's been preparing for this very decision from the Supreme Court, said David Doniger, a senior attorney at the Natural Resources Defense Council who argued <a target="_blank" href="https://tile.loc.gov/storage-services/service/ll/usrep/usrep467/usrep467837/usrep467837.pdf">the original Chevron case</a> on behalf of the group in 1984.Paul DeCamp, an attorney at the Washington, DC-based firm Epstein Becker Green, said the overturning of Chevron creates a lot of uncertainty."There is now a new path to challenging agency action because the heavy thumb on the scale toward agencies as a result of Chevron has been removed," he said.That doesn't mean that most regulations are invalid, he added. He predicted that most federal action would survive because agencies try to stay within their legal boundaries.

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