Modern economic development largely depends on the availability of energy sources and effective utilisation of these sources. The traditional energy sources largely come from the fossil fuels and over utilisation of these fuels can cause drastic environment, ecology and climate change which have been described as the biggest global health threats of the 21st century. This is affecting future generations’ ability to utilize the resources available for their better life and it becomes the responsibility of the current generation to reduce dependence on fossil fuels and increase utilisation of renewable energy sources which are environment friendly or cause less harm to environment. Man is as precious as Nature and Wildlife are. Climate change, energy security and sustainable development are as such interrelated aspects of growth and development process of entire human endeavor, whose mutual interplay considerably; affect environment and ecological balance anywhere on the earth.
Climate change is the most crucial challenge to realizing goals of sustainable development. Out of many dimensions of climate change, contemporary culture of consumption is very significant. World population is being projected to reach 9.1 billion by 2050, with most of this growth in developing countries. While principal cause of climate change is high level of consumption of world resources and energy in developed countries, its impact is greatest on people in developing world, which most scientific research and organizations are forecasting. Developed nations have taken lead in accelerating shift towards sustainable production and consumption; and rest of the world needs to follow strict measures to discourage consumerism for global climate protection.
India has chosen to pursue a road-map towards sustainable development, free from hunger and poverty; along with an uninterrupted, affordable supply of sustainable energy to every Indian. India’s commitment to environment and climate change shows the global way in supporting sustainable development goals while retaining reliance on cleaner energy, including cleaner, greener coal. India has strengthened its response to threat of climate change in accordance with principles of common but differentiated responsibilities and in light of national circumstances with the “Paris Pledge” to reduce emission intensity of GDP by 33-35 per cent over 2005 levels by 2030.
Economic Survey 2016-17: Volume-2, tabled in Parliament by Finance Minister Arun Jaitley on Friday 11 August 2017 highlights following initiative of government of India on Climate Change, Sustainable Development and Energy:
- India ratified Paris Agreement on 2ndOctober, 2016. India’s actions for post-2020 period are based on its Nationally Determined Contribution (NDC).
- India’s NDC targets to lower emissions intensity of GDP by 33 – 35 per cent by 2030 from 2005 levels, to increase share of non-fossil based power generation capacity to 40 per cent of installed electric power capacity (cumulative) by 2030, and to create an additional carbon sink of 2.5 to 3 Gt CO2e through additional forest and tree cover by 2030.
- At multilateral level, international community is engaged in writing the “Paris rule book” which includes guidelines and modalities for the implementation of the Paris Agreement for the transparency framework for action and support, features and accounting of NDCs etc. At national level, roadmap for implementation of India’s NDC is being prepared, by constituting an Implementation Committee and six Sub-Committees. The Committees are working to elaborate their respective NDC goals and identify specific policies and actions aimed at achieving them.
- India has set itself ambitious targets in area of renewable energy. Moving ahead in this direction, India is implementing largest renewable energy expansion programme in the world. It envisages a 5-fold increase in overall renewable energy capacity to 175 GW by 2022. This includes 100 GW of solar, 60 GW of wind, 10 GW of biomass, and 5 GW of small hydro power capacity.
- There is an urgent need to further increase access of the poor to more efficient energy resources. A large number of focused initiatives have been taken in various sectors of economy to ensure a pathway of lower emission and climate resilient development. Many schemes have been implemented by the government to tackle this like:
- Pradhan Mantri Ujjwala Yojana,
- PAHAL scheme,
- Deen Dayal Upadhyaya Gram Jyoti Yojana.
- India is at a stage of development that requires it to grow at a fast rate and lift the large number of its citizens from below the poverty line. Energy deprivation levels for a sizeable portion of population remain at high levels. The SDG 7 is to ensure access to affordable, reliable, sustainable and modern energy for all.
- Social cost analysis of coal and renewables based power indicate higher social costs for renewables. Storage costs and stranding of assets based on coal based power are major costs associated with renewables based power. Given that the first goal for India is to provide 100 per cent energy access to its population and bridge development deficit gap, all energy sources need to be tapped.
- A number of initiatives have been taken in Indian financial sector also. In renewable energy segment, as per notification of the RBI in May 2016, bank loans of up to Rs.15 crore for solar-based power generators, biomass-based power generators, wind mills, micro-hydel plants, etc. will be considered part of Priority Sector Lending. External Commercial Borrowing (ECB) norms have been further liberalized so that green projects can tap this window for raising finance across the borders. Securities and Exchange Board of India (SEBI) has, in May 2017, put in place framework for issuance of green bonds.
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