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Article Agriculture and Budget: Immediate compulsions and long-term visionGovernment focuses on sustainable agriculture, digital infrastructure, and market intelligence to enhance productivity and global competitiveness in agriculture.
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One of the most notable aspects of this budget is the introduction of a “Climate Finance Taxonomy”, crucial for channeling capital towards climate-resilient infrastructure and practices.
The Union Budget 2024–25 is a testament to the Government of India’s unwavering commitment to driving socio-economic growth and development across India. With a keen focus on inclusive growth, this budget aims to empower every section of society, particularly the ‘Garib’ (poor), ‘Mahilayen’ (women), ‘Yuva’ (youth), and ‘Annadata’ (farmers). Despite global economic uncertainties, India's economic growth remains stable, with low and steady inflation moving towards a 4% target, showcasing resilience amid elevated asset prices, political instability, and shipping disruptions.
One of the most notable aspects of this budget is the introduction of a “Climate Finance Taxonomy”, crucial for channeling capital towards climate-resilient infrastructure and practices. This taxonomy will facilitate investments in sectors such as shipping, aviation, iron and steel and chemicals, which are transitioning from energy efficiency targets to emissions reduction targets. The budget also supports the development of a taxonomy for climate finance, boosting capital availability for climate initiatives, and ensuring that investments are transparently and efficiently directed towards genuine green projects.
Taxonomy for climate finance refers to standardised regulations and guidelines that inform companies and investors about impactful investments in environmental conservation and combating the climate crisis. Originating from biology, where it classifies organisms, taxonomy in finance sets clear criteria for green investments. According to the International Finance Corporation (IFC), diverse interpretations of what constitutes 'green' can fragment markets and confuse investors. Climate finance taxonomies, or green taxonomies, provide detailed lists of economic activities and corresponding criteria for alignment with climate goals, offering a structured approach to sustainable investments.
A localised climate finance taxonomy can align a country's climate goals with international commitments like the Paris Agreement, considering regional factors that influence transition pathways. Different regions need tailored approaches to limit global warming to under 1.5 degrees Celsius, as required by the Paris Agreement. Science-based regional targets can help define metrics for developing standards and guiding investments, ensuring global climate goals are met without compromising local needs.
Climate finance taxonomies also prevent greenwashing by setting common, scientific standards. India's move towards establishing a climate finance taxonomy is crucial for setting clear standards, driving innovation, and supporting its ambitious climate goals. Countries like China, Malaysia, and Sri Lanka have already issued green taxonomies to facilitate climate-sensitive investments. India’s task force on sustainable finance, established in January 2021, aims to create a framework for sustainable finance, suggest a taxonomy of sustainable activities, and assess financial sector risks.
The IFC estimates that India needs $10.1 trillion to achieve net zero by 2070. Public investments alone cannot meet this goal, necessitating standardisation in investments to attract both domestic and international funds. A green taxonomy framework will help India align investments with its national and global commitments to green transition and climate resilience. The budget's announcements on establishing a carbon market, taxonomy, and transition pathways mark significant progress towards planning for net zero by 2070.
Furthermore, India’s commitment to balancing economic growth with environmental sustainability is exemplified by its annual per capita carbon emissions, which stand at only about one-third of the global average despite being one of the world’s fastest-growing economies. This balance is a key component of the vision of a 'Viksit Bharat' by 2047 and achieving net zero carbon emissions by 2070, driving the nation’s policies and interventions. These goals are reflected in India’s Nationally Determined Contributions (NDCs), which outline ambitious targets for reducing greenhouse gas emissions.
However, achieving these targets demands substantial financial and technological support from developed countries. Approx annual investment of USD 150 billion is required to meet NDC commitment by 2030. Despite the slow pace of international finance and technology transfers, India remains resolute in its focus on sustainable economic growth as a cornerstone of its climate change strategy. India's journey towards sustainable development is closely tied to its ability to garner international support for financial and technological advancements. The nation's ambitious climate targets underscore the need for developed countries to step up their contributions to global climate finance and technology transfer mechanisms. By securing the necessary resources, India can accelerate its transition to a low-carbon economy, fostering innovation and sustainability across various sectors.
The Union Budget 2024–25 underscores the government's commitment to inclusive and sustainable growth. By balancing high capital expenditure with robust welfare spending, the government is paving the way for a resilient and thriving economy. The vision for a Viksit Bharat (developed India) is clear, and this budget is a significant step towards realising that dream.
This article first appeared in ET Energyworld.com on 05 August 2024.