A new climate change finance unit under the finance ministry

Posted on September 29, 2011 by

As per the report in The Hindu, Business line, a new climate change finance unit has been set up under the aegis of the Finance Ministry. India is already engaged in international negotiations on climate change and committed to voluntary reduction of Green House Gasses within its own boundary.  A new climate change finance unit is also a part of in house mitigation action said by Dr Kaushik Basu, Chief Economic Advisor to the Finance Ministry.

According to IPCC, a developing country like India is more vulnerable to the impacts of climate change and need in house mitigation plans to mitigate it. The importance of finance in climate change mitigation cannot be under rated and Keeping this in consideration, Government of India launched ‘economic survey’ with exclusive section on climate change in 2010-11. Dr. Basu said, from this year onwards, they will expand coverage on climate change in the each new edition of Economic Survey.

In order to integrate climate change into development frameworks, existing financial systems must be used effectively and new ones must be created. Climate change can add cost and risk to the country’s development and hence we need a well-designed and implemented domestic climate policy. It will help us to open new economic opportunities and allow us to identify risks and create mitigation plans.

Under the global pressure to adopt legally binding commitment under the global climate change regime, India has proposed its own National Action Plan on Climate Change as a part of its domestic mitigation action.  A new climate change finance unit help us to become a low carbon economy nation and allow the country to be prepared for climate change adaptation. The Economic Affairs Secretary, Mr R. Gopalan, said 12th five year plan will have as one of its key pillars a low carbon growth strategy as part of country’s domestic actions.

Read more about in house climate change mitigation plans of India;

Perform Achieve and Trade under the NMEEE

Renewable Energy Certificates

National Mission on Enhanced Energy Efficiency

India: Climate Change Negotiations – Outside-in view