Indian may spend Rs 2 lakh crore during 2012-17 to reduce carbon emissions

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Indian may spend Rs 2 lakh crore during 2012-17 to reduce carbon emissions

Greentech Lead India: The India government may spend almost Rs 2 lakh crore
through the various missions during 2012-2017 to fight against climate change
and reduce carbon emissions.

According to the working group on climate, the 12th
Five-Year Plan report seeks setting up of a dedicated structure of governance
to oversee the different programs under the 12th Plan with such large funds to
be invested.

The agriculture mission under the National Action Plan on
Climate Change alone is to spend upwards of Rs 1 lakh crore over five years to
make the primary sector more resilient to inevitable changes in climate change.
The government already spends 2.8 percent of its GDP on programs that bring
adaptation benefits to people.

The expert group, headed by K Kasturirangan, has warned that government should
not make any commitments on reducing greenhouse gas emissions without holding
the widest possible consultations with ministries concerned and other
stakeholders. It has asked for an inter-ministerial group to be set up to draw
up strategy as the issue envelops large investment as well as strategic
concerns.

Earlier, the government had committed internationally to reduce energy
intensity of the country’s economy by 20-25 percent below 2005 levels by 2020,
which the panel noted would entail huge costs for the country. The total
funding requirements could add up to several billion dollars and unless funds
were provided by the international community, these actions were likely to have
adverse impact on the country’s growth and poverty eradication measures because
of demands of expenditure on health, education, livelihood, security and
diversion of resources from core issues to climate change, according to a
report in Times of India.

Existing commitments made under the National Action Plan on Climate Change,
such as the Solar Mission and the Green India Mission, already need substantial
funding over the 12th Plan. The Green India Mission will require Rs 46,000
crore in 12th and 13th Plans. The National Mission for Himalayas requires Rs
1,500 crore and the National Water Mission requires Rs 8,900 crore by the end
of the 12th Plan.

The report has recommended that a separate national authority be set up for
implementing the mitigation actions that would implement the domestic and
international commitments made to reduce emissions and find adequate funds
through all routes.

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