As India assumes in its last leg of the G20 presidency, it has a unique opportunity to bring closure to the key climate change issues that have been discussed but not extensively. The current half-yearly report card indicates that consensus-building within the G20 has been challenging, but India can showcase its leadership by focusing on key areas to build an effective and feasible climate action plan. These are the five key dialogues that need to refocused in this context:
Tracking per-capita emissions
India can champion the tracking of per-capita emissions as an indicator of climate action. With India having the lowest per-capita emissions among G20 nations, efforts to reduce per-capita emissions can lead to a sharper decline in aggregate national emissions. By advocating for peak dates for per-capita emissions reductions and aligning them with global net-zero targets, India can pave the way for the fair and speedy achievement of targets by developed nations. India can be one of the biggest case studies where the population can be the strength in the fight against climate change and can help this dialogue to be extended to Brazil and South Africa both emerging markets with large populations and set goals by example.
Mainstreaming circular economy principles
The concept of a circular economy, which aims to turn used goods into reusable products, is essential for sustainability. India needs to address its challenges in waste management and air pollution control. By implementing effective land, water, and air pollution control measures, including greening public procurement practices, India can create a conducive environment for circular economy initiatives. Currently, there are many start-ups working on the waste to wealth category, unfortunately, as a business they get caught in revenue. We need principles and frameworks to make the circular economy as part of lifestyle a daily adaptation.
Allocated funds for climate-techs and green techs
India should drive action on the funding to impact-based start-ups which are solving dire issues faced by our and G20 countries’. These start-ups can give economic support and create solutions for non-economic events which can help create a much more balanced world. India can collaborate with other vulnerable economies to create a collective solution bank through these upcoming ventures and solutions. In Startup20, a new dialogue initiated by India in the G20 Presidency, India is planning to get $1 Trillion to set up to enable and excel in the start-up ecosystem, but how much of that will be allocated to green tech or climate-techs? Until that happens the R&D and technological enhancement in this space might be restricted due to financial assistance.
Private sector engagement
India should leverage the B20 track within the G20 to outline a wider role for the private sector in climate action. By incentivising private sector participation through tax-related incentives, public procurement strategies, and lower regulatory compliances, India can enhance private sector engagement in green finance and sustainable development.
Addressing net-zero targets
While net-zero targets have gained popularity, there is still a long way to go for G20 countries to phase out coal use and reduce reliance on fossil fuels. India, with its commitment to a 2070 net-zero target and increased investments in renewable energy, can lead the dialogue on coal phase-outs and energy transition. By advocating for concrete roadmaps and policies, India can encourage G20 nations to align with net-zero goals. India started this dialogue with renewable energy and bio-fuel adaptation push but a concretised output can help us stay away from one of the biggest emission categories.
Also Read | G20 Summit: Macroeconomic risks of climate change on agenda — Russia factor remains a challenge
India's G20 presidency offers a platform for leadership in climate action. By focusing on these five dialogues, India can demonstrate its commitment to a low-carbon growth model and offer a blueprint for other economies to follow. As India engages with the G20's business track, it can also drive private finance, ESG investments, and circular economy principles. It is imperative for India to build its diplomatic influence in climate action to fuel its own growth trajectory and contribute to global sustainability.
— The author, Nidhi Mehra, is Co-Founder, Myplan8. The views expressed are personal.
(Edited by : C H Unnikrishnan)
First Published: Sept 6, 2023 11:59 PM IST
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