Government to Develop Climate Finance Taxonomy, Roadmap for Emissions Targets in Critical Sectors

The government plans to create a taxonomy for climate finance to enhance fund availability for climate change adaptation and emission reduction. Union Finance Minister Nirmala Sitharaman announced the initiative during the Budget presentation for 2024-25. A roadmap will also be formed to transition hard-to-abate sectors to emission targets.

The government is set to establish a taxonomy for climate finance aimed at improving fund availability for climate adaptation and reducing greenhouse gas emissions, Union Finance Minister Nirmala Sitharaman announced on Tuesday.

This initiative is part of the country's broader efforts to meet its climate commitments and facilitate a green transition, as revealed during the Budget presentation for 2024-25 in the Lok Sabha.

Additionally, the government will outline a roadmap for transitioning hard-to-abate sectors such as shipping, aviation, iron, steel, and chemicals from energy efficiency targets to emission reduction targets.

(With inputs from agencies.)