CLIMATE SMART BUDGET FOR JOURNEY TOWARDS ‘VIKSIT BHARAT 2047’

Abstract

India’s energy security is the prime mover of ‘Viksit Bharat’ 2047 which transform the country into a self-reliant and prosperous economy by 2047. India aims to achieve net-zero emissions by 2070 and decrease CO2 emission 800 million tons by 2047; marking an 85-90% progress towards net-zero emissions. The Union Budget 2025-26 is a reconfirmation of India’s commitment to sustainable development by aligning with the United Nations’ Sustainable Development Goals (SDGs) aiming towards the commitment of clean energy and environmental sustainability, along with significant allocations for several green and clean initiatives such as renewable energy, nuclear power, and domestic manufacturing of clean technologies to reach the ambition of ‘Viksit Bharat’ 2047. Green budgeting serves as a method to incorporate environmental and social factors into financial planning and decision-making, aiming at more sustainable development for future generation. It serves as a tool that helps in policymaking and innovation by systematically mapping and monitoring the efficient allocation of financial resources and effective spending of that resource for supporting sustainable development goals related to environmental sustainability. To successfully address climate change, it is crucial to create a robust framework that encompasses integrated policies, substantial financial investment, and active participation from the community. Individuals can contribute by promoting river conservation, endorsing renewable energy projects, and making sustainable choices.