India plans climate finance taxonomy in Budget 2024-25

Union Finance Minister Nirmala Sitharaman announced on Tuesday that the government will develop a taxonomy for climate finance to enhance funding availability for climate change adaptation and greenhouse gas emission reduction. 

 

The move aims to support India's climate commitments and green transition, Sitharaman stated while presenting the 2024-25 Budget in the Lok Sabha.

 

Additionally, the government plans to create a roadmap for transitioning hard-to-abate sectors, such as - Shipping, Aviation, Iron and steel, and Chemicals.

 

From energy efficiency targets to emissions targets, this initiative will aid the above sectors reduce their carbon footprint and contributing to India's climate goals.