The pollution crisis in India is often attributed to regional factors, but the UN, in a report, emphasises the alarming disparity between the current climate adaptation financing and what is genuinely needed. The report sheds light on an astonishing reality: climate adaptation finance requires 10-18 times more funding than the current allocation. In 2021, approximately $21 billion was allocated to developing countries for adaptation projects, a 15 per cent drop from previous years.
The latest edition of the Adaptation Gap Report, released by the UN Environment Programme, underscores that developing countries collectively require at least $215 billion annually this decade to undertake meaningful adaptation work.
The implications of this report extend far beyond the government’s sphere and profoundly impact corporations operating in India. In an era where corporate social responsibility is integral to business operations, the spotlight on businesses’ environmental impact has never been more glaring. Corporations must invest in green technologies, adopting eco-friendly practices, and reducing their carbon footprint.
Acute crisis
India’s battle against climate change has led to innovative initiatives at the State and Central Government levels. In 2019 Gujarat Pollution Control Board (GPCB) set up a pollution market in collaboration with the Energy Policy Institute Chicago (the World’s first Emission Trading Scheme on particulate matter). Under this mechanism, the government sets maximum level of allowable emissions for the collection of firms. The onus lies on all to contain pollution levels within the set limits without mandating each firm.
India’s ambitious pursuit to increase the share of non-fossil fuel-based energy resources to half of the installed capacity by 2030, leading towards a net zero emissions target by 2070, stands as a direct response to the nation’s acute air pollution crisis. The remarkable growth in solar and wind power, with a record 17.6 GW added in 2022 and a total capacity surpassing 170 GW, signifies substantial progress. Concurrently, investments in pioneering technologies like floating solar and offshore wind offer promise, particularly in densely populated areas with limited land, providing hope in combating India’s persistent air pollution challenges.
Governments must foster an environment conducive to sustainable practices through stringent regulations, tax incentives, and transparent guidelines for reducing pollution and embracing clean energy solutions. Collaboration between industry and government is pivotal to addressing the pollution issue. A series of measures should be considered:
Green technologies and Innovations: Encourage and incentivise research and the adoption of green technologies.
Environmental regulations: Enforce stringent environmental regulations that hold industries accountable for their emissions and pollution levels.
Public-private partnerships: Foster partnerships between the government and the private sector to invest in sustainable infrastructure.
Climate finance mechanisms: Establish effective mechanisms to channel climate adaptation finance.
Public awareness: Launch extensive public awareness campaigns to educate citizens and corporations about the detrimental effects of pollution.
The writer is MD and CEO, CareEdge