The Indian government’s economic survey report highlights the country’s progress in reducing carbon emissions and creating a carbon sink. India is on track to create an additional carbon sink of 2.5-3.0 billion tons through tree and forest cover by 2030, with a total carbon sink of 1.97 billion tons already created from 2005 to 2019. The report also emphasizes the importance of climate change adaptation and notes that India is working towards achieving Net Zero carbon emission by 2070.
The report highlights the government’s efforts to integrate climate resilience and adaptation into development plans, with adaptation expenditure increasing from 3.7% of GDP in 2015-16 to 5.6% in 2021-2022. The report also stresses the need for increased adaptation finance flows to India, citing the significant pressure on domestic resources.
The DEA survey report also highlights the importance of wetland ecosystem restoration and rejuvenation in achieving the set goals by 2030. Wetlands provide a buffer against storm surges and flooding, and can help absorb excess rainfall, protecting cities. Mangroves, in particular, are a natural coastal barrier that traps sediment and prevents coastal erosion.
The report notes that the lack of access to adequate and affordable financial resources remains a significant constraint for developing countries in implementing their climate commitments. The report cites the estimated resource gap between developing countries’ climate commitments and current international adaptation finance flows, which is staggering.
Overall, the report emphasizes the need for increased international cooperation and financial support to help developing countries meet their climate commitments and achieve Net Zero carbon emission by 2070.