visimoney
TLDR:
- India urgently requires substantial investment in climate adaptation efforts to sustain progress on development.
- The report examines India’s approach to adaptation, related investment needs, funding gaps, and avenues for bridging these gaps through public and private finance.
In a report by Aanandita Sikka, Labanya Prakash Jena, Malini Chakravarty, and Uma Pal, Climate Policy Initiative (CPI) highlights the significant need for financing adaptation efforts in India to address the impacts of climate change and sustain development progress. India’s adaptation approach is intertwined with its broader development goals, but there is a lack of a common framework for climate risk evaluation at both the national and state levels.
The report identifies that while there are plans, policies, and schemes at the national and state levels, there is a variation in progress and focus on climate adaptation. States bear the primary responsibility for adaptation-related interventions, with substantial investment needs identified in the report.
However, many states face financial constraints due to factors like economic slowdowns and the COVID-19 pandemic, limiting their ability to invest in climate adaptation. CPI proposes strategic interventions to enhance state fiscal capacity and mobilize private finance to bridge the funding gap. Recommendations include integrating adaptation interventions into the Finance Commission’s deliberations, implementing climate-incentivized borrowing ceilings, developing green finance data infrastructure, and promoting financial mechanisms like public-private partnerships.
The report underscores the importance of collective action and innovative financing solutions to support India’s adaptation efforts and ensure sustainable development in the face of climate change challenges.
