- The article discusses India’s climate challenges and the potential for a green economic transformation.
- Focuses on opportunities in renewable energy, green hydrogen, and sustainable agriculture.
Key Challenges from Climate Change
- Rising Floods & Agricultural Instability: Increased frequency of extreme weather events affecting infrastructure and agriculture.
- 2023 Himachal Pradesh Floods: Significant damage to energy networks and infrastructure.
- Erratic Monsoons: Impacting crop yields and farmer incomes.
Opportunities for Green Economic Transformation
- Renewable Energy Goals: Target of 500 GW of renewable energy by 2030.
- Green Hydrogen & Sustainable Agriculture: Innovations needed for economic transition.
- Urban Resilience: Focus on sustainability to set global benchmarks.
Green Economy Definition
- An economic system prioritizing:
- Environmental sustainability
- Social inclusion
- Economic growth
- Focuses on investing in green sectors like renewable energy and clean technology.
Factors Driving Transition
- Frequent Disasters:
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- Climate events disrupting fossil fuel supply chains.
- Renewable energy capacity increased by 13.5% to 203.18 GW in October 2024.
- Agricultural Losses:
- Projected decline in wheat yields by 19.3% by 2050.
- Initiatives like Precision Farming and Zero-Budget Natural Farming gaining traction.
- Coastal Adaptation:
- Rising sea levels threatening coastal cities.
- Projects like mangrove afforestation under MISHTI are being implemented.
- Urban Energy Efficiency:
- Increasing heat waves driving adoption of green building codes.
- National Cooling Action Plan aims for a 20-25% reduction in cooling energy requirements by 2038.
- Water Scarcity:
- Declining per capita water availability promoting innovations in water management.
- Biodiversity Loss:
- Commitment to restoring 26 million hectares of degraded land by 2030.
- Financial Risks:
- Estimated ₹85.6 lakh crore needed for climate adaptation by 2030.
- Green finance initiatives like Sovereign Green Bonds are crucial.
- Public Health Crises:
- Climate-induced health issues are increasing healthcare costs, prompting green infrastructure solutions.
Roadblocks in Transition
- Insufficient Infrastructure: Only 28.04% of renewable energy is on-grid.
- Dependence on Fossil Fuels: 77% of electricity generation still from coal.
- Financial Constraints: Limited green financing and high investment needs.
- Policy Uncertainty: Frequent changes in tariffs deter investments.
- Workforce Transition Challenges: Job losses in carbon-intensive sectors.
- Public Awareness: Low awareness of sustainable practices and programs.
- Technological Gaps: Heavy reliance on imports for green technologies.
- Climate Impacts on Projects: Erratic weather disrupting renewable generation.
- Urbanization Pressures: Rapid urbanization complicating sustainability efforts.
Measures for Accelerating Transition
- Renewable Energy Infrastructure: Modernizing grids and expanding projects.
- Domestic Manufacturing: Promoting local production of green technologies.
- Green Financing: Expanding access to green bonds and private investments.
- Integrated Land-Use Policies: Streamlining land acquisition for renewable projects.
- Electric Vehicle Ecosystem: Enhancing EV infrastructure and incentives.
- Climate-Resilient Agriculture: Promoting sustainable farming practices.
- Carbon Pricing Framework: Implementing emission trading schemes.
- Circular Economy Adoption: Minimizing waste in industrial processes.
- Urban Green Infrastructure: Expanding green projects in cities.
- Community Engagement: Promoting grassroots green movements.
- Nature-Based Solutions: Restoring mangroves and wetlands for resilience.
- Energy Storage Solutions: Developing battery technologies to support renewables.
- Workforce Development: Training programs for green jobs.
Way Forward
- Transitioning to a green economy is crucial for India to address climate change and promote sustainable development, aligning with the UN Sustainable Development Goals.