Economic Survey: India's progress in tackling climate change

National Mission for Enhanced Energy Efficiency: The government reported that it has integrated its development goals with its "ambitious" climate action goals in the form of higher energy saving targeting of 6.63 million tonnes of oil equivalent notified in the PAT cycle-VII in October 2021. A PAT or Perform, Achieve, Trade scheme is a regulatory instrument to reduce energy consumption in energy intensive industries with an associated market-based mechanism to enhance cost effectiveness through certification of tradable conserved energy, the International Energy Agency explains.

National Mission on Sustainable Habitat: The government made 721 kilometres of metro rail network operational by August 2022. Additionally, 6.28 million toilets in individual homes and a over 621,000 community and public toilets were constructed by April 2022.

National Mission for a Green India: The government has set aside Rs 626.96 crore to meet its afforestation targets over an area of 2.1 lakh hectare. Afforestation is the process of establishing new forests on land not previously forested.

National Water Mission: The 'Jal Shakti Abhiyan: Catch the Rain' focusing on rainwater harvesting and conserving was launched in March 2022. The Ministry of Jal Shakti which took on the nation-wide campaign was allocated Rs 86,189 crore in the 2022 Budget.

National Mission on Strategic Knowledge for Climate Change: Twelve Centres of Excellence for climate change were created and strengthened in June 2021.

National Mission for Sustaining Himalayan Ecosystems: An inter-university consortium was constituted and eight major research and development programmes were initiated.

National Mission for Sustainable Agriculture: The government met key targets for financial year ending March 2023 of covering 0.15 lakh hectare under organic farming and 1 million hectare under micro irrigation.

Furthermore, the Chief Economic Adviser, Anantha Nageswaran, also lauded the government's efforts to expand the area under mangroves through the implementation of the National Coastal Mission Programme on ‘Conservation and Management of Mangroves and Coral Reefs.’

To meet the demands of affordable climate finance, India has also mobilised private capital to issue green bonds. According to the latest available data from Securities and Exchanges Board of India, 15 Indian corporates have issued green bonds worth Rs 4,539 crore from 2017 to September 2022. These bonds generate proceeds for investment in environmentally sustainable and climate-suitable projects.

India has a Net Zero Pledge to achieve net zero emissions by 2070 which was announced by Prime Minister Narendra Modi in November 2021 at COP26. Net zero implies the cutting of greenhouse gas emissions to as close to zero as possible.

The updated NDC aims to reduce emissions intensity of its GDP by 45 percent by 2030 from 2005 levels, the survey reported.

Under the National Green Hydrogen Mission, India aims to be energy independent by 2047. The Economic Survey announces that the country aims to have about 50 percent cumulative electric power installed capacity to be derived from non-fossil fuel-based energy sources by 2030.

The economic survey also hopes that India will use the G20 presidency to achieve coordinated solutions to key issues of global concern such as adequate climate finance. Leaders met at the summit to discuss the role of the G20 common framework in helping with debt resolution. International Monetary Fund’s First Deputy Managing Director Gita Gopinath, however, pointed out that developing countries will need "much higher financing" to adapt to climate change and contribute to climate mitigation.