What is Green Economy?

A Green Economy is defined as the economy where the major revenue generation of the same is done through the products, services and utilities which are eco-friendly and low carbon emission based. This type of economy is forecasted to be the future mandatorily as the increase in pollution, contamination which has always acted against the nature in depleting the quality of life and giving birth to various kinds of diseases that affects the living habitat of the planet.

Approach towards the green economy?

The approach towards a greener future can happen only through the collective awareness and initiatives taken towards building it by the government and the people of the country. To state an example, the electrification of vehicles done is one of the major steps taken towards building a greener future and similarly the governments of all major economies are striving to achieve this in all the other fields as well. MNCs like Tesla, Tata Motors etc. have played a revolutionizing role in taking this step. Generally when it comes to green economy people have only been limited to thinking about the electrification of things, but the dimension of hydrogenation is ignored here in this context. Hydrogen is an element which is always gentle to the environment and can be used as a substitute to fossil fuels in vehicles and other machineries that operate on diesel, petrol and kerosene.

The role of International bodies like United Nations Framework Convention on Climate Change, United Nations Environment Programme and conferences like Conferences of Parties 26 (COP26), have played a very important role in making the world aware and giving resolutions about the Green Economy.

Bharat’s current status towards the Green Economy

The Coronavirus pandemic that shook the whole world, in the recent past made people realize the importance of a greener economy from a healthy perspective. In countries like Bharat, urbanization is increasing very rapidly and a United Nations report clarified that 60% of the world’s population would be urbanized by 2030. Though Asia is considered to be the home to 90% of world’s rural population, however an exponential growth is witnessed; pertaining to the increase in urbanization and the rate is expected to reach 56% by the year 2050.

Bharat’s status on the green economy was not so good according to the environmental performance index 2020 where it was ranked 169 out of 180 countries with an environmental performance score of 27.6 compared to china which was 37.3, but in 2022 the Government of India launched various initiatives to foster the Green Economy:

• Hydrogen Energy Mission: The initiative involves generating hydrogen from green power sources, which has the potential to transform the transport sector. It would also promote the use of clean fuels in India. The budget emphasis on green hydrogen is consistent with the technological advancement and long-term goal of diminishing reliance on batteries of minerals and rare earth elements for energy storage.

• Public Transport: For the first time, the cabinet has allocated private financing of INR 18,000 crores (USD 2.43 billion) for 20,000 buses, along with innovative financing through public-private partnerships, which would completely alter the way public transport system works in Bharat. The initiative aims to minimize dependence on personal vehicles, and thereby reduce the carbon footprint.

• Deep Ocean Mission: The mission would undertake deep ocean survey and exploration as well as carry out projects that would protect deep sea biodiversity. A budget of over INR 4,000 crore would be allocated within five years for this program.

• Urban Swachh Bharat Mission 2.0 - The government intends to effectively manage waste from construction and demolition activities and bio remediate all inherited landfills, focusing on integrated management of manure, sludge, and sewage treatment; the classification of waste sources; the reduction of disposable plastics; and reduction of air pollution.

• Sovereign Green Bonds: On February 1, Finance Minister Nirmala Sitharaman in her speech for Union Budget 2022-23 said, sovereign green bonds will be issued for mobilizing resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy

These initiatives taken by the Government of Bharat, portrays the intent with which Bharat is focused on making itself a Green Economy. Also these are the starting steps of Bharat for resolution of Bharat making Carbon Zero by 2070 in COP26.

References:

• https://www.aranca.com/knowledge-library/articles/investment-research/india-as-a-green-economy

• https://www.unep.org/regions/asia-and-pacific/regional-initiatives/supporting-resource-efficiency/green-economy#:~:text=In%20a%20green%20economy%2C%20growth,of%20biodiversity%20and%20ecosystem%20services

• https://www.livemint.com/news/india/rbi-govt-working-on-issuing-sovereign-green-bonds-shaktikanta-das-11662390549146.html