According to the Economic Survey 2023-24, what is the target year for India to achieve net zero emissions?

Solution

India targets to achieve net zero emissions by 2070. India, at the 26th session of the United Nations Framework Convention on Climate Change (COP 26) in November 2021, announced its target to achieve net zero by 2070. The Economic Survey for 2023-24 was released by the government on July 22, 2024. It stated that the country needs $1.4 trillion at an average of $28 billion per year to achieve its 2070 Net Zero target. The document called for a greater need for adaptive strategies in agriculture and conservation efforts to mitigate the detrimental effects of climate change on natural habitats, vegetation and vital bio-resources. Climate change poses a significant threat to India, particularly its coastal regions. A lion’s share of India’s climate action has been domestically financed and the flow of international finance has been very limited, the report highlighted. International financing has increased from 13 per cent in the financial year 2019 to 17 per cent in the financial year 2020. This is still insufficient to achieve India’s Net-Zero target.