Climate goals must align with growth

India will prioritise climate adaptation efforts to safeguard its rapid economic expansion, even as decreasing global financial commitments for climate action may force developing nations to rework their targets, according to the Economic Survey tabled in Parliament on Friday.

- Jayashree Nandi

NEW DELHI:

The survey highlighted India's adaptation expenditure rose to 5.6% of GDP in FY22 from 3.7% in FY16, underscoring the growing focus on building resilience against climate impacts as the country pursues its goal of becoming a developed nation by 2047.

"In India's case, most capacity additions to coal-fired power plants were made only in the 2010s. There is no valid economic rationale for shutting down coal plants, leaving huge investments underutilised and stranded and without a dependable alternative in place," the survey stated.

The document criticised developed nations' recent actions that prioritised energy security over climate goals. It pointed to the European Union's €10 billion investment in liquefied natural gas infrastructure and additional €1.5-2 billion for securing oil supplies under its REPowerEU plan. The survey also highlighted the US approval of its largest oil drilling project in Alaska, which would produce 628.9 million barrels of oil and generate 260.79 million metric tons of carbon dioxide equivalent emissions.

"Actions speak louder than words, with the biggest beneficia-