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Going green: On Budget 2023’s and India’s net-zero commitment

Syllabus: Indian Economy and Related Issue/Environment-Conservation

Source: TH  

Direction: The article covers initiatives taken by India to promote Green Growth & highlights proposals in the Union Budget in this regard.

Context: The Finance Minister’s latest Union Budget 2023-24 has laid emphasis on the government’s commitment to move towards net-zero carbon emission by 2070 .

Background:

• According to the World Economic Forum (WEF), India holds the key to hitting global climate change targets given its sizeable and growing energy needs .
• With the country’s population set to overtake China’s sometime this year, India’s appetite for energy to propel the economy is set to surge exponentially.
• The transition to green alternatives from the current reliance on fossil fuels is therefore an urgent imperative , as it creates an opportunity to launch new sectors and boost GDP.

The Union Budget 2023-24 announcements:

Green Growth:

• Green fuel , green energy, green farming, green mobility, green buildings , green equipment and policies for efficient use of energy across various economic sectors.
• These green growth efforts help in reducing the carbon intensity of the economy and provide for large-scale green job opportunities.

Electric vehicle (EV) :

• The availability of locally produced lithium-ion batteries has become essential, especially to reduce the cost of EVs.
• To exempt customs duty on the import of capital goods and machinery required to manufacture lithium-ion cells.
• The establishment of a viability gap funding mechanism to support the creation of battery energy storage systems with a capacity of 4,000 MWh.

Energy storage systems:

• Battery storage systems help to ensure that the electricity produced at peak output by wind and solar projects is stored and then supplied to match the demand.
• The Budget set aside a vital ₹8,300 crore towards a ₹20,700 crore project for building an inter-State transmission system for the evacuation and grid integration of 13 GW of renewable energy from Ladakh .
• The transmission line will help address hurdles in setting up solar capacity in the region, given its remoteness from India’s main power grid.

India’s initiatives to promote green growth:

India’s initiatives at the international stage:

Conclusion:

With a vision for a Lifestyle for the Environment (LiFE), India is committed to achieving net-zero carbon emissions by 2070, catalyzing a green industrial and economic transformation.

Insta Links:

Centre clears ₹19,744-crore Green Hydrogen Mission

Mains Links:

Q. Explain the purpose of the Green Grid Initiative launched at the World Leaders Summit of COP26 UN Climate Change Conference in Glasgow in November 2021. When was the idea first floated in the International Solar Alliance (ISA)? (UPSC 2021)

Prelims Links: (UPSC 2018)

The Partnership for Action on Green Economy (PAGE) a UN mechanism to assist countries transition towards greener and more inclusive economies, emerged at

• The Earth Summit on Sustainable Development 2002, Johannesburg
• The United Nations Conference on Sustainable Development 2012, Rio de Janeiro
• The United Nations Framework Convention on Climate Change 2015, Paris
• The World Sustainable Development Summit 2016, New Delhi

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Green Economics – UPSC Economy Notes

Green economics is a school of thought within economics that emphasizes the importance of sustainable and environmentally friendly economic practices. It addresses the critical issue of balancing economic growth with environmental preservation, aiming for a harmonious coexistence between humans and nature. Here are some key aspects of green economics:

• Environmental Costs of Economic Growth: Green economics recognizes that traditional economic growth often comes at a significant environmental cost. This includes pollution of air, water, and land, leading to threats to human health and well-being. Unsustainable growth practices deplete natural resources and can result in long-term productivity losses.
• Sustainability and Inter-Generational Equity: The concept of sustainability lies at the heart of green economics. It advocates for development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs. This principle is also known as inter-generational equity.
• Historical Warnings and Reports: Early warnings about the challenges of sustainability can be traced back to Thomas Malthus’s “An Essay on the Principle of Population” in 1798. The “Limits to Growth” report commissioned by the Club of Rome in 1972 further highlighted the threat of unsustainability. The Brundtland Commission’s report “Our Common Future” in 1987 provided a widely accepted definition of sustainable development.
• Integration of Climate Change in Economic Analysis: Green economics recognizes the urgent need to address climate change. William Nordhaus, a Nobel laureate in Economic Sciences in 2018, was honoured for his work in integrating climate change considerations into long-term macroeconomic analysis.
• Triple Bottom Line Approach: Green economics promotes the concept of the triple bottom line, which focuses on sustaining and advancing economic, environmental, and social well-being. This approach emphasizes that economic success should not come at the expense of environmental degradation or social inequality.
• New Metrics for Measurement: To advance the green economy, new metrics for measuring progress have been developed. Examples include the Green GDP, Social Progress Index, and Environmental Performance Index (EPI). These metrics provide a more comprehensive evaluation of economic performance, considering environmental and social factors.
• Global Initiatives: International initiatives like the Millennium Development Goals (MDGs) and Sustainable Development Goals (SDGs) advocate for green economics. These goals set targets for achieving economic prosperity while safeguarding the environment and promoting social equity.

Green economics represents a critical shift in economic thinking, emphasizing the imperative of sustainable practices for the well-being of both present and future generations. It calls for a reevaluation of economic systems to ensure that growth is achieved in a way that is environmentally responsible and socially inclusive.

Table of Contents

1. What is Green Economics?

A: Green Economics is an economic theory and practice that emphasizes sustainability, social justice, and environmental protection. It advocates for policies and practices that prioritize the well-being of both people and the planet, seeking to reconcile economic growth with ecological limits.

2. How does Green Economics differ from traditional economics?

A: Traditional economics often focuses solely on maximizing economic growth and efficiency, often at the expense of environmental degradation and social inequality. In contrast, Green Economics takes a holistic approach, considering the interconnectedness of ecological, social, and economic systems. It promotes alternative indicators of progress beyond GDP, such as the Genuine Progress Indicator (GPI), which accounts for environmental and social factors.

3. What are some key principles of Green Economics?

A: Key principles of Green Economics include:

• Ecological sustainability: Prioritizing the preservation of natural resources and ecosystems for future generations.
• Social justice: Ensuring fair distribution of resources and opportunities, and addressing issues of poverty and inequality.
• Participatory decision-making: Involving communities and stakeholders in the decision-making process to ensure democratic and inclusive governance.
• Circular economy: Promoting resource efficiency and minimizing waste by designing products and systems that can be reused, recycled, or repurposed.

4. How can Green Economics be implemented in policy and practice?

A: Implementation of Green Economics involves a range of policy measures and initiatives, such as:

• Environmental regulations and taxes to internalize the costs of pollution and resource depletion.
• Investment in renewable energy and green infrastructure to reduce reliance on fossil fuels and promote sustainable development.
• Support for sustainable agriculture and conservation practices to preserve biodiversity and soil health.
• Education and awareness-raising campaigns to promote sustainable consumption and lifestyles.

5. What are the potential benefits of adopting Green Economics?

A: Adopting Green Economics can lead to numerous benefits, including:

• Enhanced environmental quality and resilience to climate change.
• Improved public health outcomes through reduced pollution and exposure to toxins.
• Greater social equity and inclusion, as policies prioritize the needs of marginalized communities.
• Long-term economic stability and resilience by avoiding the depletion of natural resources and minimizing environmental risks.
• Enhanced quality of life and well-being by prioritizing non-material values and holistic measures of progress.

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Towards a Green Growth: RBI’s Role and India’s Green Taxonomy

Recently, the Reserve Bank of India’s (RBI’s) latest Monetary Policy Report (included in its April Bulletin) has given primacy to “extreme weather events” and “climate shocks”.

Reserve Bank of India’s (RBI’s) Path to Green Economy: Sustainable Investment and Net Zero Goals

Beginning with its July 2022 discussion paper on ‘climate risk and sustainable finance’, the RBI has made incremental progress to address the transition to a green economy.

• It also even admits that India requires over $17 trillion to achieve its net zero ambitions by 2070 . 

The European Central Bank has aided the formulation of a green taxonomy for the entire Eurozone’s economic value chain.  

• The EU green taxonomy is a complex system to classify which parts of the economy may be marketed as sustainable investments. It includes economic activities, as well as detailed environmental criteria that each economic activity must meet to earn a green label. 

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Crucial Insights of the Reserve Bank of India’s (RBI’s) latest Monetary Policy Report

• Climate & Economic Stability: The “ extreme weather events ” and “climate shocks” are affecting not only food inflation but also likely having a broader impact on the natural rate of interest, thereby influencing the economy’s financial stability. 
• The report said global average temperatures are rising, with an accompanying increase in extreme weather events, and the economic and social impact is becoming increasingly evident.
• The report warns that ‘if inflation hysteria gets entrenched, it may lead to a de-anchoring of inflation expectations, and the undermining of the RBI’s credibility would warrant higher interest rates to curb inflation, leading to greater output loss’.
• Maximum Economic Output: Natural, or neutral, rate of interest refers to the central bank’s monetary policy lever allowing it to maintain maximum economic output, while keeping a check on inflation. 
• The report warns that the “long-term (economic) output” could be lower by around 9% by 2050 in the absence of any climate mitigation policies. 
• New-Keynesian Model: The report mentions a “New-Keynesian model that incorporates a physical climate risk damage function ” being used to estimate the “counterfactual macroeconomic impact of climate change vis-à-vis a no climate change scenario”.  

About Green Taxonomy

Green Taxonomy is defined as a framework to assess the sustainability credentials and possible ranking of an economic activity.  

• Need: In recent decades, the challenges of a rapidly warming planet and other aspects of environmental degradation have motivated a call for all actors in society, including the financial sector, to take responsibility for environmental sustainability. 
• Aim: To help financial actors and others determine which investments can be labeled “green” for their jurisdiction. 
• Significance: The support for making informed decisions on environmentally friendly investments can encourage the undertaking of projects and activities that help scale up environmentally sustainable economic development and contribute to specific environmental objectives. 

Principles of a Green Taxonomy: The World Bank Group recommends the principles and methodology for developing a taxonomy of environmentally sustainable activities. 

• Multipronged Impact: A green taxonomy should be developed in a way that has a multipronged impact on green finance. 
• These are serious challenges in sectors such as energy , manufacturing , transport , agriculture , waste , and buildings. The green taxonomy may thus focus on these sectors to maximise the positive environmental outcomes expected to be generated from it.
• In India, as opposed to quantitative technical screening criteria, there is a need to include a pre-specified set of sustainable agricultural and livestock farming practices.
• The Indian green taxonomy must rely on pollution standards set by the Central Pollution Control Board (CPCB) under the Ministry of Environment, Forests & Climate Change (MOEF&CC), water consumption norms set by the MOEF&CC and Ministry of Jal Shakti, and the Environmental Impact Assessment (EIA) protocol defined by the MOEF&CC. 
• The monetary valuation of ecosystem services may also be used for assessing ecosystem and biodiversity losses.
• India must use the latest climate science for its technical screening criteria relating to GHG emission thresholds. The criteria should be consistent with 1.5°C rather than 2°C.
• India must establish its own screening criteria for determining eligibility for green finance. 

• Regulators such as the RBI and Securities and Exchange Board of India (SEBI) should mandate financial market participants to delineate the environmental goals met.
• The Ministry of Corporate Affairs must mandate companies to enlist the environmental objectives achieved by economic activities.
• Regular Reviews & Updates: There is a need for timely updates to incorporate changes in development levels, technology, policy, standards and environmental conditions. 

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Actions Suggested to Define the Contents of a Green Taxonomy

Need for a Well-defined Green Taxonomy

• Information: Reduce the incidence of information asymmetry.
• Interpretations: Rule out plural interpretations of green finance.
• Risk Minimisation: Minimise the risk of greenwashing.
• Transparent Understanding: Provide a transparent understanding of the environmental footprint of economic activities underlying investments.
• Investors-Friendly: Provide the guidance and confidence sought by investors in making environmentally conscious investment decisions.
• Visibility: Provide visibility to capital-starved green sectors , allowing them to attract requisite investments away from renewable energy (which currently accounts for 80% of green finance in India).
• Management & Monitoring: It can be the standard for Financial Institutions (FIs) and companies in managing and monitoring the environmental quotient of their financial profile while allowing regulators like SEBI and RBI to oversee these entities by mandating disclosures that align with the taxonomy.
• Standardisation: It can facilitate standardisation of data collection, reporting, and impact measurement methodology involved in the construction of Environmental, Social & Governance (ESG) indices. 
• Tracking Measurement: It can also be the government’s barometer for tracking the compatibility of environmental outcomes with the vision of global net-zero, while showing the way to appropriate corrections in the case of deviations.

RBI’s Efforts Towards Green Economy

• RBI’s Approach: The RBI has made incremental progress to address the transition to a green economy since its July 2022 discussion paper on climate risk and sustainable finance.
• Layer Green Taxonomy: The RBI and the Finance Ministry could take inspiration from the developing world, especially the ASEAN region , where a layered green taxonomy as a living document keeps getting updated with sectoral views of possible sustainable trajectories. 
• Comprehensive Assessment: The RBI must undertake a thorough-going assessment on the quantitative and qualitative impact on economic and financial stability due to climate change. 
• Inclusiveness: It must encourage administrative consultation to begin populating a layered green taxonomy that is reflective of India’s fragmented developmental trajectories. 
• Mitigation of Risks: The effort should be to mitigate the transitional risks to the financial system as the economy moves towards a sustainable future.

Framework for Green Taxonomy: Aligning Regulations and Investments for Sustainable Growth

• Clear Definition: A green taxonomy definition should be developed in accordance with a country’s existing environmental targets, laws, standards, and labeling schemes. 
• This logic is aligned with international practices, such as the EU taxonomy. 

• Addressal to Cross-environmental & Social Risk: The green taxonomy may include a section describing the national or, if relevant, the sectoral frameworks for addressing the potential for transferring risk from one environmental objective to another or to different population groups. 
• It is advisable to provide relevant references and links to such national and sectoral regulations. 
• It has been experienced that for a taxonomy to be effective, it is important to connect it with existing and potential new incentives (such as fiscal incentives, soft credit lines, guarantees, and so on) that promote and support environmentally sound activities, including low-carbon and climate-resilient development.
• Examples: Lowering capital requirements for sustainable financial products, setting regulatory quotas (minimum annual targets for the disbursement of green finance), and lowering refinancing rates, among others, based on solid market research. 
• China: Mandatory green credit guidelines issued by the China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBOC) have led to increases in green loans to projects offering energy savings or emission reductions.
• Bangladesh: Green loan portfolios of Bangladeshi banks also increased significantly after the central bank set a minimum annual target for green financing for banks and other financial institutions. 

A well-defined and structured green taxonomy can support better-informed and more efficient decision making and response to investment opportunities that contribute to achieving national environmental objectives. It will influence India’s ambitious green transition and the introduction of a national taxonomy will display India’s aspiration of ramping up its contribution to the global net-zero vision.

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Managing Risks Of A Green Economy

Context : The transition to ‘Green Economy’ involves many risks.

Climate change risks: An overview of recent studies

• Climate change will affect lives and livelihoods across the globe with some countries getting disproportionately impacted
• Report by Swiss Re Institute : Climate change could reduce global GDP by 18% by 2050.
• International Labour Organization Report (2019) : Heat stress could result into productivity loss up to 80 million full-time jobs globally in 2030.

Risks associated with rapid transition to a green economy

• Coal industry: As India moves rapidly towards renewables, capacity utilisation in coal plants would decline, affecting return on investment. This will have implications for both debt and equity holders.
• Automotive sector: As the business moves towards electric vehicles, the market will be disrupted with some legacy manufactures and component makers going out of business.
• Blind to climate change is risky response: Not adjusting the central bank reaction functions to climate change will result in suboptimal policy choices.
• Knowledge gap: More researches are needed to gauge how central banks can respond to climate risks and maintain price stability.
• Huge revenue dependence on petroleum products under threat: Contribution of the petroleum sector to general government revenue was over Rs.6.7 trillion.
• Shifting this burden to power sector which further complicates as Indian discom companies are already burdened with Rs.6 trillion debt.

Way Forward

• Higher taxes on petroleum products shall incentivise transition to renewables , and it should not be a fiscal compulsion.
• Mess in the power sector will need to be fixed once and for all.

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