Ensure green policies do not slow economic growth: FM

New Delhi: India on Friday favoured continuation of the Kyoto Protocol beyond 2012 and made a strong pitch for participation of all countries in tackling climate change on the principles of equity and common but differentiated responsibilities.

"Any solution to climate change, as a global problem, must be based on the participation of all countries, with reorganisation of common but differentiated responsibilities and the principle of equity," said the Economic Survey, tabled in the Parliament by Finance Minister Pranab Mukherjee.

It said the continuation of the Kyoto Protocol in its second commitment period and adoption of robust mitigation commitments by developed countries would be essential for maintaining the credibility of the multi-lateral process to tackle climate change.

The detailed mention on environment aspects was mentioned for the first time in the Economic Survey at a time when the government is trying to balance the twin challenges posed by climate change and achieving economic growth.

It called for careful planning and customised policies to ensure that green growth strategies do not result in slow growth.

"The increasing importance of climate-related issues should not shake the foundations of our inclusive growth strategy," the survey said.

It termed as important the outcome of the Cancun climate meet to set up a `Green Climate Fund` to support environment- related projects, programmes, policies and other activities in developing countries.

However, it said the goal of jointly mobilising USD 100 billion per year till 2020 as `long term finance` to address the needs of developing nations fell short of the call for assessed contributions of 1.5 per cent of the GDP of developed countries.

"India`s initiatives will succeed if the global framework of actions is effective and supportive," the survey said.

"While the outcomes in Cancun on climate fund, technology mechanism and adaptation framework and forestry (REDD+) are welcome, further work is needed on strengthening of weak mitigation pledges by developed countries, preventing unilateral trade actions in the name of climate change, and continuing a dialogue on intellectual property rights as part of technology development and transfer efforts," it said.