Climate goals must align with growth

THE SURVEY SAID THAT DOMESTIC RESOURCES HAVE FUNDED INDIA'S CLIMATE ACTION AMID HIGHLY INADEQUATE INTERNATIONAL FUNDING FLOWS

- Jayashree Nandi

NEW DELHI: 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.

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.