India's Economic Survey 2024-25: Sustainable Growth, Energy Security and Net-Zero by 2070

India’s vision of becoming a Viksit Bharat by 2047 is firmly anchored in the principles of inclusive and sustainable growth, as outlined in the Economic Survey 2024-25. Tabled by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on January 31st in Parliament, the Survey highlights India’s commitment to achieving net-zero emissions by 2070 while ensuring affordable energy security, job creation, economic growth, and ultimately environmental sustainability.

The Survey emphasises the need for extensive investments in grid infrastructure and the secure sourcing of critical minerals to achieve net-zero emissions by 2070. Despite India’s low per capita carbon emissions, challenges arise from the lack of financial support from developed nations. Climate finance targets set at COP29 fall short of the estimated USD 5.1-6.8 trillion needed by 2030, burdening developing nations like India.

India’s National Adaptation Plan (NAP) is being developed to ensure climate resilience across regions and sectors. The Survey advocates for a multi-faceted approach, including sector-specific strategies, resilient infrastructure, and research and development. These efforts align with the country’s sustainable development goals and are key to tackling climate change.

With rapid urbanisation leading to the urban heat island effect and increasing pollution, the Survey presents vertical gardens (living walls) as a promising solution. These green facades improve urban air quality, sequester carbon, and mitigate heat islands while fostering biodiversity. The Economic Survey recommends incorporating guidelines for vertical gardens into the Energy Conservation and Sustainable Building Code (ECSBC).

India has made notable progress in expanding renewable energy capacity. However, challenges remain in scaling up renewable resources due to storage technology limitations and restricted access to essential minerals. The Survey highlights the ongoing friction between energy transition and energy security, noting the need for advanced coal technologies (supercritical, ultra-supercritical, and advanced ultra-supercritical) to reduce emissions from thermal power.

Nuclear energy is identified as a reliable and low-emission energy source. The Survey calls for a forward-looking perspective to address potential challenges and facilitate a smoother transition to a low-carbon energy system.

Further, the Survey stresses the urgent need for effective disposal methods to manage waste from renewable energy technologies, such as solar panels, to mitigate environmental impacts.

India is making steady progress toward its Nationally Determined Contributions (NDC) targets. As of November 2024, renewable energy accounts for 46.8 percent of the country’s installed electricity generation capacity, with the target of 50 percent by 2030 within reach. The creation of an additional carbon sink of 2.29 billion tonnes of CO₂ equivalent from 2005 to 2023 further strengthens India’s climate action.

The Indian government has introduced several initiatives to boost renewable energy and green investments. Mission LiFE (Lifestyle for Environment), a global movement led by India, promotes mindful consumption and sustainable living practices, including waste management, resource conservation, and recycling.

Research and development in battery storage technologies, along with sustainable disposal of renewable energy system waste, are vital for a reliable renewable energy supply. By 2030, these measures could save consumers around USD 440 billion globally through reduced consumption and lower prices.

The introduction of Green Credit Rules incentivises voluntary environmental conservation efforts. Campaigns like ‘Ek Ped Maa Ke Naam’ and the Swachh Bharat Mission push individuals to engage in pro-environmental activities. The Survey emphasises the importance of integrating environmental consciousness into school and college curricula to create widespread awareness of sustainability efforts.

The Economic Survey 2024-25 outlines a comprehensive roadmap for India’s green transition. By emphasising the need for sustainable practices, renewable energy innovation, and climate resilience, India is on track to meet its NDC targets and achieve net-zero emissions by 2070. The government’s focus on green technologies, sustainable living, and climate adaptation will be pivotal in shaping a prosperous and sustainable future.