World Tourism Day 2023 is a good time to know what is green investment
India and numerous other countries have been championing the ideas of 'carbon neutrality' and 'going green.' Each year, high-profile meetings like COP27 convene, but the pressing question is whether we are genuinely progressing toward a more promising future. The answer remains uncertain.
What is World Tourism Day?
Today marks World Tourism Day (September 27), a global celebration that occurs annually to promote tourism worldwide. This initiative was instigated by the United Nations World Tourism Organization with the overarching goal of raising awareness about the significance of tourism.
This year, World Tourism Day focuses on the compelling theme of 'Eco-friendly tourism and green investment.' According to the United Nations, the purpose of this theme is to emphasize the necessity for increased and better-targeted investments aligned with the Sustainable Development Goals, the UN's blueprint for a better world by 2030.
But, what is exactly green investment?
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Green investment involves the allocation of financial resources, such as capital or funds, into projects, businesses, or financial instruments that prioritize environmental sustainability and contribute positively to the environment.
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The primary objective of green investment is to advance environmental sustainability, curtail carbon emissions, and tackle environmental challenges like climate change, biodiversity loss, and pollution.
Green investments can manifest in various forms, encompassing:
Renewable Energy: Investment in solar, wind, hydroelectric, and other renewable energy endeavors or companies that generate clean energy and diminish reliance on fossil fuels.
Energy Efficiency: Support for initiatives and technologies that enhance energy efficiency in buildings, transportation, and industries, thereby reducing energy consumption and greenhouse gas emissions.
Sustainable Agriculture: Investment in agricultural practices that bolster soil health, reduce chemical inputs, conserve water, and safeguard biodiversity.
Green Infrastructure: Funding for projects that enhance and preserve natural ecosystems, such as wetlands, forests, and urban green spaces, to mitigate the impacts of climate change and enhance overall environmental quality.
Clean Technology: Backing for companies and startups pioneering innovative technologies and solutions for environmental challenges, including carbon capture and storage, water purification, and waste recycling.
Sustainable Transportation: Investment in electric vehicles (EVs), public transportation, and infrastructure that curbs carbon emissions from the transportation sector.
Socially Responsible Investing (SRI): Integration of environmental, social, and governance (ESG) criteria into investment decisions to ensure investments align with ethical and sustainable principles.
Green Bonds: Acquisition of bonds issued by governments or corporations to fund eco-friendly projects, with proceeds dedicated to green initiatives.
India's green initiatives
India ranks as the third-largest global consumer of energy. Since 2000, energy consumption in the country has doubled, with a substantial portion, approximately 80%, still reliant on coal, oil, and solid biomass.
On a per capita basis, India's energy consumption and emissions are less than half the global average.
In a decisive step toward a more sustainable energy future, India unveiled plans in 2019 to boost its installed renewable energy capacity to 450 GW by 2030. During COP26 in 2021, Prime Minister Narendra Modi pledged to achieve net-zero emissions by 2070 and committed to a 'green investment' of 350 billion rupees.
India also boasts several schemes and missions, including the Green India Mission, aimed at safeguarding, rejuvenating, and enhancing the country's dwindling forest cover.