Economic Survey 2023-24: Current Global Approach to deal with climate change is flawed | Current Affairs | Vision IAS
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ESC

Survey highlighted that current global approach ignores interconnected nature of existence. 

How Global Approach is flawed?

  • Inadequate funding: Only USD 100 billion was pledged by developed countries till 2020, far short of ~USD 6 trillion which developing countries need by 2030 to meet half of their climate targets. 
  • Ignore Per capita Emissions data: E.g., India, world's third-largest emitter, is urged to take greater responsibility, despite its low per capita emissions & cumulative historical contribution (1850-2019) i. e. 4 % of global emission.
  • Overestimate Probabilities: Nuclear energy is cleanest and safest option, but public fear of rare accidents hinders its adoption. E.g. Chernobyl and Fukushima disaster.
  • High Energy Demanding Technologies: Rich countries are ramping up energy infrastructure, especially for artificial intelligence which is more energy-demanding. 

India’s Progress on climate action                                                        

  • Created Carbon Sink of about 1.97 billion tonnes of CO2 equivalent between 2005- 2019. 
  • India to make an additional carbon sink of 2.5 to 3.0 billion tonnes through tree and forest cover by 2030.
  • Target to reduce emissions intensity of India’s GDP was enhanced to 45% (from 33-35%) by 2030 from 2005 level.
  • Mission LiFE focuses on bringing about behaviour changes in individuals for combatting climate change.

Suggestions 

  • Developing countries like India need to follow its own path since they are tasked with balancing developmental goals with meaningful climate action.
  • Global movement on climate change must be accommodative of sovereign choices and economic needs, but centered on individual behavior.
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