Climate change as a theme is gradually finding its place in India’s annual budgets. This is a reflection of how this crisis has been acknowledged and the need to act upon it has been accepted by the government of the day. For four continuous years, ie, from FYs 2015-16 to 2018-19, budgetary speeches found no mention of climate change. However, from FY 2019-20, reference to climate change has been incrementally gaining prominence every year. These budgets have also been followed by criticism regarding how they fall short on one or another climate related aspects. However, what is noticeable is that climate change has earned itself a distinct place within India’s budgetary speeches. And, this year’s budget only cements that position.
At COP26 in Glasgow, last year, India announced its aim to install 500 GW of renewable energy by 2030, to meet 50 percent of its energy requirements from renewable energy by 2030, achieve net zero emissions by 2070 and reduce its emissions intensity, or emissions per unit GDP, by at least 45 percent by 2030. These targets have been termed as ambitious. However, to demonstrate the political intent to accomplish the same it was pertinent that the budget which follows COP26, is responsive to India’s climate commitments and sends the signals required for setting the pathway to achieve these targets.
Please click here to read the full article by Vishnu Sudarsan and Sugandha Somani Gopal, published in EPC World.
Sugandha’s has over 14 years of work experience in all aspects of legal, regulatory, policy, commercial, strategy and compliance related issues arising in power projects, infrastructure projects including public procurement and public private partnership projects, green hydrogen, carbon markets, electric vehicles, charging infrastructure and battery storage.