Debunk Western solutions for climate change for ancient Indian wisdom: Economic Survey

With climate change on the top of every country’s agenda, it’s fair to assume that all 196 countries, as per the Paris Agreement, are attempting to meet their individual commitments under ‘Nationally Determined Contributions’ (NDCs) towards reducing carbon emissions ‘to limit the global temperature increase to 1.5 degrees Celsius above pre-industrial level.

At the same time the Economic Survey 2024, unveiled ahead of the Union Budget 2024-25, begets the question – ‘Is the strategy adopted, both optimum and in everyone’s interest?’ The survey argues that the global strategies in place currently to combat climate change are flawed and advocates for a return to an Indian way of sustainable living.

India is bullish on achieving its targets for climate change. The country has successfully reduced the emission intensity vis-à-vis its GDP by 33% between 2005 and 2019, thus achieving the initial NDC target for 2030, 11 years ahead of scheduled time as per the survey. Meanwhile, the government has also achieved 40% of electric installed capacity through non-fossil fuel sources, nine years ahead of the target for 2030. Between 2017 and 2023, India has added around 100 GW of installed electric capacity, of which around 80% is attributed to non-fossil fuel-based resources.

Why there’s a greater responsibility on the West

The survey points out that there’s a significant difference between developed and developing nations, including India, in terms of energy access and carbon footprints. While wealthy nations have constructed their infrastructure at a slow, steady rate, many African and South Asian nations are still working towards regular access to power supply in metropolitan areas.

"About 55% of the population in least-developed countries still lacks access to electricity. Research alludes that high-income countries use 6 times more resources and generate 10 times larger climate impacts than low income countries. This disparity makes it unfair to have a single deadline for zero emissions across countries," says the survey.

To attain just about half of the existing NDC targets, research suggests that developing countries require ~$6 trillion by 2030. In comparison, only $100 billion was pledged by developed countries till 2020, of which only $ 83.3 billion was provided. This level of financing still does not match up to the scale of the challenge faced – climate adaptation needs of developing countries are expected to reach $300 billion by 2030 and $500 billion by 2050, which is 5-10 times greater than the current fund flows, as per the Economic Survey.

It’s said the devil lies in the details. Under the disguise of pretty gift wrapping, over two-thirds of climate finance received by middle-income countries between 2015 and 2020 was in the form of loans. “Moreover, profits and returns on investments are often prioritised over long-term environmental sustainability during fund allocation,” says the survey.

India must rely on its own wisdom

The survey argues that global environmental and sustainability strategy must collaborate with the cyclic temperament of nature rather than in the misplaced belief that just industrial siloed actions can alter even a sliver of its fabric.

At the core of it lies Mission LiFE70 which was announced by Prime Minister Narendra Modi, at the 2021 UN Climate Change Conference (UNFCCC COP2026) which seeks to bring individual responsibility to the forefront of the global climate narrative.

What’s important to remember is that India is one of the most climate-sensitive nations in the world, making it especially exposed to the effects of climate change.

In response, the government has taken a number of steps, with adaptation being the primary emphasis of seven of the National Action Plan on Climate Change's (NAPCC) nine tasks.

Additionally, as per the survey, India's investment related to adaptation increased from 3.7% of GDP in 2015–16 to 5.6% in 2021–22, indicating the incorporation of climate resilience into development strategies. But this also shows that there is a lot of strain on domestic resources, which emphasises the need for more foreign funding for adaptation.

Going ahead, while India has aggressive targets to achieve net-zero carbon emissions by 2070, the country’s energy needs are projected to grow 2 to 2.5 times by 2047.

To balance it out, in conclusion, a one-size-fits-all approach to climate change will not solve global problems. Developing countries, such as India, should have the freedom to choose their own pathways to focus on developmental goals with meaningful climate action.