SUSTAINABLE DEVELOPMENT AND CLIMATE CHANGE
At present, a few new terminologies are also being used for economies such as ‘sustainable development’ and ‘green GDP’. ‘Sustainable development’ is a global terminology which is being used to address the global issues of global warming, environmental aspects increased global pollution and ecological imbalances, which are critical for survival of planet earth and is thus a broader concept not relating to any one country but for the world as a whole. It is neither the problem of one country nor can it be solved by one country. It is more macro in nature, which requires to be addressed by countries collectively through a dialogue and a consensus building at a global platform. This is about the present generation’s ability to meet ‘its’ own needs but without compromising on the ability of the future generation to meet ‘its’ needs. It is about a better environment for the future generation rather than. what the present generation has inherited, to say the least not a worse than that inherited Even though there has been a consciousness on the issue of sustainable development, the real thrust was provided with the Earth Summit during 1992 and then through various international conventions.
All the conventions mentioned so far have flagged the underlying issues especially that of reduction in greenhouse gases emission, which is critical for sustainable development. It also addresses areas of cleaner energy, reduction in biodiversity losses, tree plantation, solar/wind energy and other such global issues in sustainable development.
India has announced its Intended Nationally Determined Contribution (INDC) With respect of climate change inclusive of following aspects:
• To put forth and further propagate a healthy and sustainable way of living, based on traditions and values of conservation and moderation.
• To adopt a climate-friendly and cleaner path than the one hitherto followed by others at a corresponding level of economic development.
• To achieve about 40 per cent cumulative electric power installed capacity from non- fossil fuel based energy resources by 2030 with the help of transfer of technology and low cost international finance including from the Green Climate Fund (GCF).
• To create an additional carbon sink of 2.5 to 3 billion tonnes of CO, equivalent (CO.eq.) through additional forest and tree cover by 2030.
• To better adapt to climate change by enhancing investments in development programmes in sectors vulnerable to climate change , particularly agriculture , water resources, the Himalayan region, coastal regions, health and disaster management.
• To mobilize domestic , new and additional funds from developed countries for implementing these mitigation and adaptation actions in view of the resources required and the resource gap.
• To build capacities, create domestic framework and an international architecture for the quick diffusion of cutting-edge climate technology in India and joint collaborative R&D for such future technologies.
Climate finance means local, national or international financing through public, private and alternative sources of financing. It is critical to addressing climate change as large-scale investments are required to reduce climate change induced adversities. Climate finance is equally important for adaptation strategies as there are requirements for significant financial resources to allow countries to adapt to the adverse effects and reduce the impacts of climate change.