“Developed Nations Ramp Up Energy Demand Despite Impending Carbon Tax: Economic Survey”

The Economic Survey has highlighted a concerning trend in developed nations as they prepare to impose a carbon tax at the border on imports while simultaneously increasing their energy demand. This discrepancy has been labeled as a tragedy, pointing to the delayed climate action plans of these nations and their pressure on developing countries to enhance their carbon mitigation efforts.

India, on the other hand, has been commended for its efforts to decouple economic growth from greenhouse gas emissions. The country has managed to keep its rate of carbon emissions growth lower than its GDP growth rate, showcasing a commitment to sustainable development. The Survey noted that India’s total national emissions, including Land-Use Change & Forestry, have increased by 4.56% since 2016, a figure that aligns favorably with the country’s economic growth.

Furthermore, India has been recognized for its climate actions, with the International Finance Corporation acknowledging the nation as the only G20 country in line with 2-degree centigrade warming. The government has successfully reduced emission intensity relative to GDP by 33% between 2005 and 2019, achieving the initial NDC target for 2030 well ahead of schedule.

The Survey emphasized the importance of access to finance and technology from developed countries to support India’s climate action efforts. It highlighted the need for a diversified mix of energy sources, including renewables, green hydrogen, nuclear, and biofuels, to minimize risks associated with energy systems and align with national commitments.

India is on track to create an additional carbon sink of 2.5 to 3.0 billion tonnes through tree and forest cover by 2030, with a significant share of non-fossil sources in the installed electricity generation capacity. The Survey also stressed the government’s priority to ensure access to sustainable and clean energy sources to support various social indicators.

Overall, the Economic Survey underscores India’s proactive approach to climate action and sustainable development, calling for continued support from developed nations to achieve ambitious climate targets and secure a greener future for all.