India's Quest towards a Green Future With Green Initiatives and Climate Action

The interim budget of India for 2024-25 has placed significant emphasis on the green economy and investments aimed at combating climate change. These announcements are poised to reinforce India's prior endeavours in this direction. In this article, Sameeksha delves into concepts such as the green economy and climate action, highlighting that through its various initiatives, India has made significant progress towards the target of net zero emissions without compromising its economic development in less than a decade. These steps are expected to have a long-lasting impact, and the rapid growth of the country, coupled with green initiatives, will pave the way for a new era of prosperity.

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The interim budget 2024 has provided a significant focus on the green economy and investments for combating climate change. These announcements will further strengthen India's previous efforts in this direction. One of the remarkable milestones in India's climate action came in 2015 when, under the Paris Agreement of 2015 India submitted its first Nationally Determined Contributions (NDCs) which included reduction in the emissions intensity of its gross domestic product (GDP) by 33 to 35 per cent by 2030 goals to combat climate change.' In 2022, India submitted its updated NDC which also included 'LIFE'-'Lifestyle for Environment, as one of the key aspects of combating climate change. In 2021 at UN Climate Change Conference (COP26) held at Glasgow, Scotland, Prime Minister Shri Narendra Modi presented the 'Panchamrit', five nectar elements, to deal with the challenge of climate change in order to achieve the green economy. And to realize the goals set by India in 'Panchamrit' the interim budget of the country further strengthens the momentum of achieving green transition by providing necessary budgetary allocations. The 'Panchamrit' comprises five elements, which are as follows:

1. India will take its non-fossil energy capacity to 500 GW by 2030.

2. India will meet 50 per cent of its energy requirements from renewable energy by 2030.

3. India will reduce the total projected carbon emissions by one billion tonnes from now till 2030.

4. By 2030, India will reduce the carbon intensity of its economy by more than 45 per cent.

5. By the year 2070, India will achieve the target of net zero.²

India’s LiFE, i.e., Lifestyle for Environment, is a mass movement to promote mindful and deliberate utilization of resources; it aims to promote a lifestyle that is synchronous with nature. All these efforts pace the way for a new dawn of transition from brown economy to green economy.