The Environment and Union Budget 2023-24 | Panel Discussion | #PlanetTalks Live Video YouTube: #IMPRI Center for Environment, Climate Change and Sustainable Development (CECCSD), IMPRI Impact and Policy Research Institute, New Delhi invites you to an IMPRI #WebPolicyTalk series:…
The Union Budget 2023-24 is expected to be a barometer for the Central Government’s policy commitments toward the conservation of the environment and sustainable development. The public policy challenge for the government is how to strike a balance between economic growth and sustainable development, which are at variance due to the onslaught of climate change and its increasing economic costs. On the one hand, the government wants to achieve a $ 5 trillion economy by 2025 and $26 trillion by 2047; on the other, it has set a target of net-zero emissions by 2070. A balanced Budget that intertwines economic growth with inclusive and sustainable development for restoring the ecosystems is needed.
The residents of Joshimath in Uttarakhand are coming out in protest. Land subsidence in the region has put their lives, houses, and town at risk and impacted the surrounding land. As part of the relief efforts, at-risk families are being shifted to temporary relief centres, and work is underway on building transition centres, where they can stay till a long-term solution can be worked out.
The global cleavage on climate change is essentially between those that have grown rich enough to be climate-resilient and those that are not. The way to bridge this gap is not to set up any Loss and Damage Fund, but to spend any money that the rich countries have to spare on sucking carbon dioxide (CO2) out of the atmosphere.
The G20 was conceived in 1999 in the wake of the Asian financial crisis as a platform for finance ministers and central bank governors to deliberate on issues pertaining to global finance and economy. In 2008, it was elevated to include the heads of State against the backdrop of global recession. Today, representing more than 80 per cent of the world’s GDP, 75 per cent of global trade, and 60 per cent of the global population amid a crisis of global multilateralism, G20 has emerged as a premier forum for deliberation on global issues.
The fiscal deficit created now translates into a higher debt burden that future generations have to service. Is that fair? It is more than fair. In the misty mornings of peak winter, a flock of sharp-beaked, joyless birds takes flight in the capital – Fiscal Deficit Hawks, who swoop down on North Block, where harried finance ministry officials race against time to prepare the Union government’s annual budget, to screech sharp orders to slash the fiscal deficit.
India’s proposal at the G20 presidency to phase out all fossil fuels, including gas and oil, sustainably and equitably construes the much-needed step away from planet-scale extinction of habitats and destruction of livelihoods.