View: Time to include climate-responsive budgeting
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Last Updated: Jan 15, 2021, 12:14 PM IST
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Synopsis
Recognising the importance of effective fiscal handling of climate change in the planning and management of domestic public finances, several initiatives have been launched by world leaders, including the Paris Collaborative on Green Budgeting and the Coalition of Finance Ministers for Climate Actions.
Agencies
While the upcoming budget will focus on post-Covid recovery, it is crucial to focus the vision of subsequent budgets on the threat posed by climate change.
In December 2020, while speaking at the recent UN Climate Ambition Summit, Prime Minister Narendra Modi pledged, ‘Centennial India will not only meet its own targets but will also exceed your expectations.’ This feat will be possible only if our policymakers work towards making India’s public financial system and the national budget responsive to climate change.