Mitigating climate change; the Indian perspective

Climate change is one of the major global environmental problems with likely impacts on climate sensitive sectors such as agriculture, forestry, energy, and transport. Countries around the world acknowledge their vulnerability to these likely impact and understand the need for immediate action. However, in developing countries,developing and adopting strategies to address climate change is a challenge, as it is perceived to interfere with the ongoing process of economic development. India is rapidly moving towards industrialization and urbanization, which has led to increased greenhouse gas emissions, ans so faces the threat of climate change. India, a developing country with a population of over one billion, has an economy largely dependent on sectors such as agriculture, energy, transport, which are highly climate-sensitive. India’s current development strategy focuses on strengthening the economy and alleviating poverty, aiming to increase Gross Domestic product and per capita income. This paper is an attempt to highlight the possible consequences of climate change in India, and its preparedness in tackling these impacts and utilizing opportunities that exist in the emerging carbon market. The paper also discusses initiatives taken and under implementation across the world to mitigate climate change both mandatory and voluntarily. The paper highlights the impact of various consequences of climate change on Indian economy and the immediate need for India to take a proactive approach factoring in climate change into mid and long term development projections and targeting at sustainable development using non-conventional energy sources and cleaner technologies. It discusses various policy level initiatives. The paper also tries to explore various options India has post 2012 to adopt various mitigation measure and business opportunities. Finally, the paper attempts to chalk out a path forward in integrating sustainable development with addressing climate change challenge, and utilizing existing carbon market opportunities in the Indian context.