India’s climate finance framework shows progress, but needs an integrated approach for climate justice and equity.
Author
Rahul Mohanty, Jindal Global Law School, O.P. Jindal Global University, Sonipat, Haryana, India
Summary
This article conceptualizes the meaning of legal readiness towards climate change in the context of a developing country and applies it to India. It examines several legislation and policies that India has enacted in recent years to deal with different types of climate finance, such as: first, creating a carbon market by introducing an emissions trading system; second, utilizing financial markets for raising climate finance for specific projects; third, promoting green industries like renewable energy, which may help in mitigation through various incentives; fourth, promoting carbon sequestration; and fifth, specific financing for adaptation projects. This article examines India’s legal and policy framework in all these areas to evaluate its legal readiness towards climate finance, not only from the perspective of attracting international climate finance flows but also from the lens of climate justice and equity. The article concludes with a brief discussion on the need for an integrated regulatory approach.
Published in: Indian Law Review
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