Economic Survey calls for balanced approach to climate change, diversified energy transition | Mint - Mint
Economic Survey calls for balanced approach to climate change, diversified energy transition | Mint
Need balanced approach to climate change, diversified energy transition: Survey
Summary
- The economic survey has suggested a diversified approach for energy transition with the integration of renewables, alongside exploring nuclear energy and biofuels, wherein thermal power would provide the base-load to support large scale deployment of renewables.
New Delhi: Calling for a more balanced approach to climate change, the Economic Survey 2023-24 said there is a need for nearer-term goals for human welfare, rather than just one larger, longer-term target for global climate management.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”