India Climate Resilience: Funding Gap & COP30 | Pre-Budget Report

New Delhi, Jan 31 (PTI) India must increasingly focus on building climate resilience to protect its rapid economic growth as global financial commitments to support climate action in developing countries continue to decline, according to the pre-Budget report tabled in Parliament on Friday.

The report assumes significance as India -- the seventh most vulnerable country to climate change -- prepares for the upcoming COP30 in 2025, where parties to the Paris Agreement will submit their next version of Nationally Determined Contributions (NDCs).

"The funding shortfall may lead to a reworking of the climate targets," the document warned.

According to India's Initial Adaptation Communication submitted to UNFCCC in December 2023, the country's total adaptation-related expenditure rose to 5.6 per cent of GDP in FY22 from 3.7 per cent in FY16.

The report criticised the outcome of COP29 held in Baku in November 2024, stating that the mobilisation target of USD 300 billion annually by 2035 is merely a fraction of the estimated requirement of USD 5.1-6.8 trillion by 2030.

"It underscores the unwillingness of affluent developed nations to assume their equitable share of the responsibility to address emission reduction and mitigate climate change impacts on vulnerable populations in developing regions," the report stated.

The document highlighted that developed countries are falling short of their NDCs by about 38 per cent.

Despite being one of the world's lowest per-capita greenhouse gas emitters, India faces significant challenges in its renewable energy expansion, particularly in energy storage technologies and sourcing critical minerals.

The country has committed to achieving net-zero emissions by 2070 while aiming to become a developed nation by 2047.

The report emphasised the need for region-specific adaptation actions considering India's diverse geographic and agro-climatic landscape. It also stressed the importance of investments in battery storage research, climate-resilient agriculture, and carbon capture technology.

The pre-Budget document also highlighted the potential of India's LiFE Mission in promoting pro-environment lifestyle changes, suggesting its integration into educational curricula to foster environmental consciousness from a young age.