Being the host of the G20 presidency, India makes a strong case for green finance for developing countries through Economic Survey explored in the Parliament on January 31. It says developing nations are caught between development priorities and fighting against climate change. these economic surveys have been beneficial to know about the aspects of Green finance.
India’s 2023 Economic Survey was presented ahead of the union budget. It highlights the urgency of green finance, a very appreciative and much needed area of focus as India graces the presidency of the G20, an intergovernmental forum for international economic cooperation. The survey lists India’s actions and achievements on climate change and biodiversity conservation.
The incumbent government presented the last full-fledged budget of its current tenure on February 1. India’s long-standing position is reiterated in chapter seven of the Economic Survey, dedicated to climate change. Climate change is the most pressing issue of current times and has yet again been aspired by India leading the way toward a better future.
India has voluntarily undertaken climate actions
The chapter notes that India has voluntarily undertaken climate actions. If developed countries expect more ambitious climate measures from India. All these must equate it with enhanced initiatives in terms of providing means of implementation, finance, technology transfer, and capacity-building support.
The survey highlights the challenge for developing countries to access funding for climate action. “Public finances in developed countries are stretched and do not seem to have the intent to mobilize adequate resources for climate action in developing countries. They also do not have the appetite to provide additional capital to multilateral institutions for them to be able to lend more or mobilize greater resources,” it reads.
Pronab Sen, the first chief statistician of India and former chairman of the National Statistical Commission, told Mongabay-India that the country has been raising its stance in support of these principles at every opportunity. “Through this (Economic Survey), I feel, India aims to signal that there is no dilution in its stand,” he added.
India is raising the issue of climate finance
Dhruba Purkayastha, the India director of Climate Policy Initiative (CPI), an independent non-profit research and advisory institution believes, India’s push for green finance for developing countries, and its inclusion in the country’s Economic Survey is all connected to India’s current G20 presidency. India holds the Presidency of the G20 from December 1, 2022, to November 30, 2023, where countries with a combined global GDP of 85% will deliberate upon several globally essential issues, including trade, climate change, environment, energy transition etc.
Purkayastha says that India is raising the issue of climate finance on behalf of the Global South and that this has been an unresolved issue over many years. Whether it is Nationally Determined Contributions (NDC) or net zero commitment, India is at the forefront of the fight against climate change.