The developing nation is putting policies into place to lower greenhouse gas emissions, encourage the use of renewable energy sources, and improve environmental resilience through concerted efforts.
This includes all of 2023 and encapsulates India’s commitment to the issue.
Union budget for 2023–2024 boosts spending on renewable energy
The Renewable Energy Minister, RK Singh, stated in September that there has been $6.1 billion in Foreign Direct Investment (FDI) in the industry since April 2020, indicating India’s priority on growing the renewable energy sector.
Furthermore, the budget for 2023–24 increased funding for green or renewable energy by nearly 50% over the previous year.
notable advancement in solar energy production
The nation also passed a noteworthy solar energy milestone this year.
The Union Ministry of New and Renewable Energy declared on December 13 that India now has 72.02 GW of solar power capacity. The three states that supported the cause are Rajasthan, Karnataka, and Gujarat.
India and France came up with the idea for the International Solar Alliance (ISA), which now has over 120 member nations.
PM Modi is in Dubai for COP28.
Prime Minister Narendra Modi attended the 2023 United Nations Climate Change Conference (COP28) in Dubai last month together with other international leaders.
Over a hundred countries united to advocate for the total phase-out of fossil fuels in the COP28 agreement, but India, which is mostly dependent on coal, said nothing.
Contributions from nations were requested in the final accord to help in “transitioning away from fossil fuels.”
At COP28, PM Modi introduced the Green Credit Initiative.
During COP28 in Dubai, PM Modi also introduced the Green Credit Initiative.
The program, which was first unveiled on October 13 by the Ministry of Environment, Forests, and Climate Change, places a high priority on afforestation and water conservation.
The project has been characterized by the environment ministry as a “market-based mechanism designed to incentivize voluntary environmental actions across diverse sectors by various stakeholders like individuals, communities, and private industries.” This is noteworthy.
G20 conference in New Delhi saw the adoption of the Green Development Pact.
A Green Development Pact for a Sustainable Future was inked by world leaders in September during the G20 Summit in New Delhi.
Inclusionary economic growth and sustainable development are given top priority in the accord. It also acknowledges that cutting greenhouse gas emissions by 43% by 2030 will allow us to keep warming to 1.5 degrees Celsius.
A workshop on the same topic was held in November by NITI Aayog.