Economic Survey 2022-23 Summary

Chapter 7: Climate Change and Environment: Preparing to Face The Future.



ü  International Capital Market Association (ICMA):The mission of ICMA is to promote resilient
well-functioning international and globally coherent cross-border debt
securities markets, which are essential to fund sustainable economic growth and

ICMA is a not-for-profit association (Verein) under
the Swiss Civil Code. The Association is headquartered in Zurich, with offices
in London, Paris, Brussels and Hong Kong and registered in the Zurich
Commercial Register.

ü  New Collective Quantified Goal (NCQG) on climate finance from a floor of US$ 100 billion
per year, taking into account the needs and priorities of developing countries,
shall be set

ü  Coalition for disaster resilient infrastructure: CDRI was launched by the Hon’ble Prime Minister of India
during the United Nations Climate Action Summit on 23 September 2019 in New
York. It is a global partnership of National Governments, UN agencies and
programmes, multilateral development banks and financing mechanisms, the
private sector, and academic and knowledge institutions. It aims to promote the
resilience of infrastructure systems to climate and disaster risks, thereby
ensuring sustainable development. As on 29 June 2022, thirty-one Countries, six
International Organisations and two private sector organisations have joined as
members of CDRI.

ü  leadership group for industry transition: LeadIT gathers countries and companies that are committed to
action to achieve the Paris Agreement. It was launched by the governments of
Sweden and India at the UN Climate Action Summit in September 2019 and is
supported by the World Economic Forum. LeadIT members subscribe to the notion
that energy-intensive industries can and must progress on lowcarbon pathways,
aiming to achieve net-zero carbon emissions

ü  Plastic Waste Management (Second Amendment) Rules,
, were notified on July 6, 2022. The amendment aligns
the rules with the Guidelines on Extended Producer Responsibility for plastic
packaging. The amendment provides a statutory framework for biodegradable
plastics after conforming to BIS Standards and the Central Pollution Control
Board (CPCB) certification. The rules mandate that environmental compensation
shall be levied based upon the polluter pays principle, on persons not
complying with the provisions of these rules, as per guidelines notified by the
Central Pollution Control Board.

ü  Government published the Battery Waste Management
Rules, 2022
, on August 24, 2022 to
ensure environmentally sound management of waste batteries. Notifying these
rules is a transformative step towards promoting the circular economy. New
rules will replace Batteries (Management and Handling) Rules, 2001. The rules
cover all types of batteries, viz. Electric Vehicle batteries, portable
batteries, automotive batteries, and industrial batteries

ü  Government notified the E-Waste (Management) Rules,
2022, on November 2, 2022. These rules will replace the E-waste (Management)
Rules, 2016, and will be effective from April 1, 2023. These rules will launch
a new Extended Producer Responsibility (EPR) regime for e-waste recycling

Montreal Summit
of CBD





it is estimated
that by 2030, about 700 million people worldwide will be at risk of
displacement by drought alone

The IPCC’s Sixth
Assessment Report (AR6) notes that high human vulnerability global hotspots are
found particularly in West, Central & East Africa, South Asia, Central, and
South America, Small Island Developing States, and the Arctic.

Earlier in the
year, the OECD and the Social Economics Lab at Harvard teamed up to understand
why policies to address climate change have been difficult to implement and
surveyed over 40,000 respondents across 20 of the world’s most carbon-emitting
countries (representing 72 per cent of global CO2 emissions). The findings were
striking4. In general, citizens in developed countries expressed considerable
reluctance to change their lifestyles and habits with respect to driving,
flying and eating that would contribute to reduced emissions. Policies to
implement carbon pricing have not been easy in all European countries. France
tried and retreated in 2018. Switzerland’s proposal was defeated in a
referendum in 2021

The Government
is working on mapping and converging the 5Ps’ – People, Policy, Plan, Programme
and Project.

Global average of plastic per capita consumption is 28 kg, and India has
a per capita plastic consumption of 11 kg.