APT Translations

Amidst fervent electoral preparations, the interim budget emphasized fiscal prudence with a firm focus on growth capex. A lot has changed - on both expected and unexpected lines – as Shree Narendra Modi has received the people’s mandate for a historic third term and is now the leading a coalition government.

"Balancing development needs with a low-carbon pathway is a tightrope, especially when financed predominantly through domestic resources," the Survey noted, highlighting the financial strain of pursuing cleaner energy alternatives.

It added that while phasing in renewables is imperative, in the short to medium term, the focus should also be on actively adopting clean coal technologies.

The law, officially known as the Inflation Reduction Act, includes nearly $400 billion in spending and tax credits to accelerate the expansion of clean energy such as wind and solar power, speeding the nation's transition away from the oil, coal and natural gas that largely cause climate change.

According to the survey, India is the only G20 country that is on track with the global warming limit of 2 degrees centigrade, a benchmark highlighted in a recent report by the International Finance Corporation. The survey outlines India’s strategic focus on balancing climate change management with its developmental priorities.

The survey further highlighted the expansion of India's power transmission capabilities, now able to transfer 118,740 megawatts (MW) across an extensive network of 485,544 circuit kilometers with a transformation capacity of 1,251,080 mega volt amp (MVA).

Under the newly unveiled guidelines, discoms, designated as State Implementation Agencies (SIAs), will facilitate various measures including the availability of net meters, timely inspections, and commissioning of installations to boost the installation of grid-connected rooftop solar systems.

The UN-backed International Seabed Authority (ISA) has issued 31 deep-sea exploration licences, including two for India in the Indian Ocean, but is yet to allow mining because the 36-member body is still working on regulations.

The opposition policy, unveiled last month, would replace the current government's emphasis on accelerating construction of solar, wind and batteries with one that envisages a greater role for fossil fuels while seven state-owned nuclear plants are built.

The implications for climate change could scarcely be greater. Since China's emissions surpassed those of the United States in 2006, China's global share has grown to almost a third -- a huge number, even with population differences taken into account.