New Delhi, July 4 (IANS) International public finance and private sector resources would have to be mobilised for the “unprecedented” investment required to implement India’s Nationally Determined Contributions (NDC) under the Paris Agreement, said Economic Survey 2018-19.
NDCs embody efforts by each country to reduce national emissions and adapt to the impacts of climate change. The Paris Agreement for reduction of global emissions requires each country to prepare, communicate and maintain successive NDCs that it intends to achieve.
India’s NDC has set clear targets for achieving its climate goals, the survey said. However, a substantial scaling up of financial resources and technology is needed to implement this target by 2030, said the survey presented in Parliament by Union Finance Minister Nirmala Sitharaman on Thursday.
“Implementing India’s NDC requires investments of scale and size which is unprecedented. This essentially means that along with domestic public budgets, international public finance and private sector resources would have to be mobilised from a variety of sources,” it said.
The fulfilment of pledges by developed countries through provision of ‘new and additional’ financial resources is an important contingent factor, it said.
“Developing countries like India will endeavour to do the best possible within their own domestic resources, keeping in mind the sustainable development imperatives,” it said.
“It is time for the global community to exhibit the requisite momentum to act upon its responsibilities on establishing the enabling environment for climate action,” it added.