Put climate at the centre, for growth
climate action and paucity of financial flows should inform Budget 2025. India must resist prioritising growth that disregards environmental, and thereby human, well-being. Instead of greening the economy within limits, this year's budget must turbo-charge efforts to decarbonise while making the economy resilient.
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Allure of any 'grow now and think later' strategy is tempting, but an invitation to disaster. Greening the economy is the only way to safeguard. 2024 was the warmest year on record globally as well as in India. Already dealing with extreme weather events-heatwaves, droughts, floods, depleting groundwater-RBI estimated climate change could shave off GDP by 3% by 2030. Cost of inaction is too high for a country with considerable developmental deficits despite a decently growing economy.
India can't afford to not put climate action at the centre of its budgetary exercise. It must invest in creating sturdy assets, maintaining dependable infra, halting further degradation of land, air and water. The budget should provide clarity on finalising climate finance taxonomy that was announced last year, provide support for increasing resilience and adaptability to climate change. Tackling air pollution through increased investment in public transport and clean energy must be prioritised. Rather than business as usual climate action, India should seize the opportunity to invest in R&D for innovation and R&D for affordable low carbon solutions that other developing countries can
