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Government of India
Ministry of Finance

India’s Commitment to Climate Change Reflected in Support of Sustainable Development Goals: Economic Survey

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley tabled the Economic Survey 2017-18 in Parliament today.

The Chapter on Sustainable Development, Energy and Climate Change notes India’s commitment to environment and climate change that is reflected in the number of actions in supporting sustainable development goals while retaining reliance on cleaner energy, including cleaner, greener coal. It states that India has strengthened its response to the threat of climate change in accordance with the principles of equity and Common But Differentiated Responsibilities and in the light of national circumstances with the “Paris Pledge” to reduce the emission intensity of GDP by 33-35 percent over 2005 levels by the year 2030.

On the issue of sustainable development, the Survey says that India’s urban population is projected to grow to about 600 million by 2031. It suggests that Urban Local Bodies generate resources through financial instruments such as municipal bonds, PPPs and credit risk guarantees. The Survey says that access to sustainable, modern and affordable energy is the basis of achieving Sustainable Development Goals. Stating that as on 30th November 2017, the share of renewable energy sources was 18 percent in the total installed capacity of electricity in the country and that the increasing share of renewables has trebled in the last 10 years.

Outlining India’s commitment to address Climate Change, the Survey mentions establishment of 8 Global Technology Watch Groups, extending Climate Change Action Programme launched in 2014 for the period 2017-18 to 2019-20 with a budget outlay of ₹ 132.4 crore and continuation of National Adaption Fund on Climate Change till 31st March 2020 with financial implication of ₹ 364 crore.

Climate change commitment reinforces renewable energy expansion and urban financing to support sustainable development goals. India aligns domestic climate policy with Common But Differentiated Responsibilities and the Paris Pledge, prioritising renewable energy expansion and sustainable, affordable energy to achieve Sustainable Development Goals. The Survey promotes financing measures for urban infrastructure-municipal bonds, PPPs and credit risk guarantees-and records continued programmematic and budgetary support, including technology watch groups and a National Adaptation Fund to implement climate action and resilience measures.