Page 349 - Low Carbon Development in China and India
P. 349
is equally important. Policymakers need to find vehicles for modifying
existing consumer preferences to more sustainable practices. This
could be done by creating awareness and building capacity towards
voluntary sustainability initiatives.
Policymakers should devise ways that do not just generate interest
among individuals and organizations towards adoption of green
practices in their routine activities but also be able to sustain it. The
Ministry of Finance, Government of India, the RBI, and the banks
together can develop a suitable environment which can entice investors
towards LCD.
Sectors like transport, habitat (or buildings), industries, waste, and
others provide states huge opportunity to improve their low carbon
scenario and simultaneously achieve better living conditions for its
citizens. Policies in the state should promote organizations which
work towards low carbon initiatives by extending them incentives
such as tax credits. Through knowledge sharing of the lessons
learnt at the subnational level, national policy scenario could be
improved upon.
Local level government in India has better connect with the
civil society and the businesses. It understands the actual scenario
in their areas and would be in a better position to respond to the
existing challenges in low carbon space. It will be up to the municipal
corporations and panchayats to obtain funds to engage more in low
carbon space and judiciously utilize those funds. It also has to ensure
that the national or sub-national ‘green’ guidelines and/or policies are
efficaciously followed.
Overall, the following recommendations emerge:
• The sustainable development community as a whole needs
to recognize the importance of engaging with global financial
regulatory frameworks such as the Bank for International
Settlements, International Monetary Fund, and International
Accounting Standards Board.
• Banks, micro-finance institutions, non-banking financial companies
(NBFCs) require risk offsets to invest in low carbon development
projects.
• RBI needs to spread awareness regarding the priority sector
lending norms among other stakeholders. Also, sectors, other
than renewable energy which can also contribute potentially
towards environmental sustainability, such as buildings, transport,
agriculture, industry, waste, and forestry should be given due
consideration under RBI norms.
314 Low Carbon Development in China and India
existing consumer preferences to more sustainable practices. This
could be done by creating awareness and building capacity towards
voluntary sustainability initiatives.
Policymakers should devise ways that do not just generate interest
among individuals and organizations towards adoption of green
practices in their routine activities but also be able to sustain it. The
Ministry of Finance, Government of India, the RBI, and the banks
together can develop a suitable environment which can entice investors
towards LCD.
Sectors like transport, habitat (or buildings), industries, waste, and
others provide states huge opportunity to improve their low carbon
scenario and simultaneously achieve better living conditions for its
citizens. Policies in the state should promote organizations which
work towards low carbon initiatives by extending them incentives
such as tax credits. Through knowledge sharing of the lessons
learnt at the subnational level, national policy scenario could be
improved upon.
Local level government in India has better connect with the
civil society and the businesses. It understands the actual scenario
in their areas and would be in a better position to respond to the
existing challenges in low carbon space. It will be up to the municipal
corporations and panchayats to obtain funds to engage more in low
carbon space and judiciously utilize those funds. It also has to ensure
that the national or sub-national ‘green’ guidelines and/or policies are
efficaciously followed.
Overall, the following recommendations emerge:
• The sustainable development community as a whole needs
to recognize the importance of engaging with global financial
regulatory frameworks such as the Bank for International
Settlements, International Monetary Fund, and International
Accounting Standards Board.
• Banks, micro-finance institutions, non-banking financial companies
(NBFCs) require risk offsets to invest in low carbon development
projects.
• RBI needs to spread awareness regarding the priority sector
lending norms among other stakeholders. Also, sectors, other
than renewable energy which can also contribute potentially
towards environmental sustainability, such as buildings, transport,
agriculture, industry, waste, and forestry should be given due
consideration under RBI norms.
314 Low Carbon Development in China and India
