Roadmap for Answer Writing Introduction Define the importance of energy in relation to economic growth, social equity, and environmental sustainability. State the relevance of SDG 7, which focuses on ensuring access to clean energy for all. India’s Progress in Sustainable Energy Access Accessible Energy Discuss initiatives ...
Model Answer India’s commitment to achieving net-zero emissions by 2070, announced at COP 26, necessitates a $10 trillion investment, according to the International Financial Services Centres Authority. Below are strategies India can adopt to enhance access to green finance and achieve its climate aRead more
Model Answer
India’s commitment to achieving net-zero emissions by 2070, announced at COP 26, necessitates a $10 trillion investment, according to the International Financial Services Centres Authority. Below are strategies India can adopt to enhance access to green finance and achieve its climate and sustainable development goals:
1. Develop a Conducive Policy and Regulatory Environment
- A robust framework builds investor confidence and fosters green financing.
- Example: Developing a green taxonomy can clearly define “green” projects, reducing ambiguity for investors.
2. Introduce Formal Carbon Pricing Frameworks
- Pricing carbon ensures investment decisions factor in the cost of climate change.
- Example: The Reserve Bank of India’s Report on Currency and Finance 2022-23 advocates carbon taxes and an Emissions Trading System (ETS) to grow green financing.
3. Mobilize Domestic and International Capital
- Encourage innovative financial instruments such as Green Infrastructure Investment Trusts (InvITs) and deepen bond markets.
- Example: SEBI’s Business Responsibility and Sustainability Report (BRSR) helps investors make informed decisions.
4. Expand Green Finance Through Banks
- Raise banks’ priority sector lending targets for renewable energy projects.
- Example: The Parliamentary Standing Committee on Energy’s recommendation for a Renewable Finance Obligation on banks and financial institutions can direct funds toward green projects.
5. Advocate at International Forums
- Leverage platforms like COP and G20 to push for regulatory changes that enable fund flows from developed nations to developing economies.
- Such advocacy can channel financial support toward Indian green projects.
Conclusion
To make green financing a cornerstone of Mission 2070, India must implement a holistic policy framework and foster strong domestic and international financial collaboration. Initiatives like carbon pricing, innovative financial instruments, and advocacy on global platforms will be pivotal in ensuring a sustainable and climate-resilient future.
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Model Answer Introduction Access to affordable, reliable, sustainable, and modern energy is essential for achieving the Sustainable Development Goals (SDGs). Energy serves as a critical resource for economic growth, social equity, and environmental sustainability. Without it being affordable and accRead more
Model Answer
Introduction
Access to affordable, reliable, sustainable, and modern energy is essential for achieving the Sustainable Development Goals (SDGs). Energy serves as a critical resource for economic growth, social equity, and environmental sustainability. Without it being affordable and accessible, the goal of sustainable development remains elusive. SDG 7 specifically commits to ensuring clean energy for all.
India’s Progress in Sustainable Energy Access
Accessible Energy
India has made significant strides in improving energy access through various initiatives. Programs like the Pradhan Mantri Ujjwala Yojana and the Direct Benefit Transfer (DBT) for kerosene under the Public Distribution System (PDS) have provided better energy sources, reducing reliance on harmful fuels like firewood and kerosene.
Affordable Energy
The affordability of energy is crucial for the economically disadvantaged. The “Saubhagya” scheme has achieved nearly 100% household electrification, significantly enhancing access to affordable and reliable energy. Additionally, subsidized electricity rates for low-income households and the PAHAL LPG subsidy have encouraged families to transition from firewood to cleaner cooking fuels.
Sustainable Access
India has set ambitious renewable energy targets, aiming for 450 GW of renewable capacity by 2030. This commitment has led to substantial growth in solar and wind energy, with renewable energy rates now competitive with fossil fuels. As of 2022, renewable sources contributed significantly to the energy mix, with a notable increase in installed capacity.
Modern Energy
Innovative initiatives such as the Hydrogen Mission and the e-Vehicle plan are paving the way for modern energy solutions. These efforts aim to enhance the sustainability and reliability of energy sources while promoting technological advancements in the energy sector.
Conclusion
Progress on SDG 7 is vital for achieving the broader 2030 Agenda. Ensuring universal access to energy, improving energy efficiency, and increasing the use of renewable energy are foundational steps toward eradicating poverty and fostering climate action. Without these advancements, the goal of a sustainable world remains unattainable.
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