Gap between resource availability, requirement pose challenge in NDC implementation: Economic Survey

'The implementation of NDC (Nationally Determined Contributions) has started from January 1, 2021; and it clearly states that finance is a critical enabler of climate change action.'There is a huge gap between resource availability and the requirements, implementation of wide-ranging NDC goals presents a major challenge,' the Economic Survey has said.

Climate finance is an obligation of the developed countries as a part of their historical responsibility as they are the major contributors to the stock of GHG in the atmosphere accumulated since the industrial revolution.

India has pro-actively pursued actions on climate change and achieved a reduction in emission intensity of GDP by 21 per cent over the period 2005-14, as per India's second Biennial Update Report (BUR).

However, to fully implement our NDC in a timely manner, the country requires enhanced new and additional financial resources, technological support and capacity building. New and additional financial resources and technological support to the developing countries was committed to by the developed countries under the Paris Agreement and this needs to be implemented.

It is it important to have a clearer assessment of the financial requirement for implementing the NDC so that allocation of resources may be appropriate and efficient considering India's commitments and the fact that resources have competing uses.

Hence, a careful estimation of the cost requirements for implementing the NDC and the possible sources for meeting these requirements is an essential pre-requisite. The Survey said climate change impacts are expected to worsen with the passage of time because of the momentum due to carbon stock continuing to increase the temperature.

Hence, India's adaptation actions in key areas like agriculture, forestry, fisheries, infrastructure, water resources and ecosystems will have to be further intensified.

The Survey further said India's proactive climate actions mainly rely on the domestic budgetary resources. Climate finance is critical to fulfil the execution of NDC targets submitted by India in a timely manner.

'By 2020, the developed country partners had to fulfil the promised support of USD 100 billion per year in the form of climate finance to the developing nations. This has not happened.

'The lack of required momentum in the scope, scale and speed of climate finance from developed to developing countries needs to be addressed,' it said.

The enhanced new and additional financial resources, technological support and support in capacity building should be mobilised and delivered to strengthen the on-going climate actions in developing nations like India, the Survey said.