Why India needs a climate budget
Instead of a focus on schemes and policies, integrating environmental concerns into annual budget processes will mainstream climate action.
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After a gruelling summer during which India witnessed one of its worst heatwave spells, the full budget of the new government will be tabled before the 18th Lok Sabha on July 23.
Following a reduced majority in Lok Sabha, the Bharatiya Janata Party will have to accommodate the requests of its partners in the ruling National Democratic Alliance. There is likely to be some change in financial allocations and utilisation. But the long persisting demand for climate budgeting has still not been incorporated.
Until only a few weeks ago, India experienced one of its worst heatwave spells, lasting almost 50 days. These adverse climate effects are now extending into the monsoon as well.
India will need approximately Rs 167 lakh crore (at 2014-’15 rates) from 2015 to 2030 to implement climate adaptation actions in critical sectors, according to the preliminary financial estimates of the Nationally Determined Contribution document. Further investments are necessary to bolster resilience and enhance disaster management capabilities.
Though Finance Minister Nirmala Sitharman referred to the 2023 budget as a “green budget”, government’s environmental inclinations were limited to allocating funds for a few schemes spread out across ministries and departments. The interim budget announced in February this year included similar allocations to existing government interventions, signalling policy continuity.
