India is firmly on the path of decarbonisation, with the impressive growth of renewables, steady electrification of its vehicular fleet, deepening of the market for HFCs in transportation, and other widescale efforts at greening the economyensuring significant progress towards full realisation of the circular economy. The budget should be in line with the market expectation on these counts.
In keeping with and building on international experience in the European Union and recent efforts by the United Kingdom, India is poised to evolve its climate action programme with increased use of market based tools and instruments to finance and drive climate mitigation efforts.
In coming years, the success of India's climate resilience efforts hinge on emphasising and ensuring climate finance. With President Biden and Vice-President Harris renewing American commitment to international climate action, India is well-position to partner with the United States to deepen the market for climate finance and develop a sustainable eco-system for achieving sustainable development goals.
India's efforts at developing a carbon sink are commendable and a vital component of its climate action efforts. India is leading efforts in transforming decarbonisation initiatives with focus on carbon sinks – about 54500 ha of land has been brought under green cover by planting 132 million trees, serving as a carbon sink of 2.7 lakh tonnes of CO2 equivalent/year. It is planned to cover 20000 ha of additional area by planting over 50 million trees by 2030."
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