22/02/2022 - Agriculture

KEY POINTS

·        India’s need to prioritise the strategies for financing sustainable agriculture becomes imperative with the Cabinet’s approval of the updated Nationally Determined Contributions (NDCs).

·        India now stands committed to reducing the emissions intensity of its Gross Domestic Product (GDP) by 45 per cent from the 2005 level by 2030 against the earlier target of reducing emissions intensity by 33-35 per cent, submitted in October 2015.

·        The agriculture sector contributes for about 18 per cent of green house gas emissions (GHGs), according to the Indian Network for Climate Change Assessment (INCCA), Ministry of Environment and Forests.

·        Hence, there is an urgent need to adopt climate smart agricultural practices for ensuring food security as well as for meeting the commitments of net-zero emissions.

·        Policy incentives like price support, procurement, input subsidies, etc., have played a significant role in shifting to intensive mono-crop cultivation of rice and wheat from pulses, coarse cereals and oilseeds.

·        A comprehensive regulatory framework is essential to ensuring transparent flow of green finance and avoid green washing with requisite disclosures and tracking mechanisms in place.

·        In this regard, the Securities Exchange Board of India has been taking initiatives like disclosure guidelines, and a framework for issuing green bonds.

·        Thus, for India to ensure its food security, while complying with the NDCs, it is essential to prioritise financing sustainable agriculture.

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