Global funding is vital for countries like India to address concerns related to climate change as mitigation efforts ultimately involve costs, says the Economic Survey 2011-12, which for the first time has made a pointed reference to the challenge posed by climate change.
"Global funding through the multilateral mechanism of the Convention will enhance domestic capacity to finance the mitigation efforts," says the survey presented in Parliament today, suggesting that funding is key for developing nations to design and implement adaptation plans and projects.
The survey, in which a Chapter on Sustainable Development and Climate Change has been introduced for the first time, suggests to make lower carbon sustainable growth a central element of our 12th Five-Year Plan commencing in April 2012. It reflects the growing challenges of sustainable development and climate change.
It points out that India's per capita CO2 emissions are much lower (1.52 CO2 tons) than those of the developed countries even if historical emissions are excluded.
Nevertheless, India has already taken a number of actions on voluntary basis with own resources in pursuance of a sustainable development strategy, it says.
Adoption of the National Action Plan on Climate Change (NAPCC) in 2008 which has both mitigation and adaptation measures an announcement of a domestic goal of reducing the emission intensity of its GDP by 20-25% of the 2005 level by 2020 is a noteworthy measure.
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Explaining the reason why a chapter on Climate Change is included in the Economic Survey 2011-2012, Finance Minister Pranab Mukherjee said that it is "a significant global issue" and "India always play a key role in the evolution of the international policy" on the matter.
The Survey notes that while India has shown flexibility along with other developing countries, developed countries are expected to reciprocate it.