Future-proofing infrastructure is no longer just a buzzword; it’s a strategic imperative that intertwines with the very fabric of sustainability. Sharat Goyal, a prominent voice in the sector, emphasizes that today’s investors prioritize sustainability over mere economic returns. This shift in focus is not just a trend; it’s a reflection of the pressing realities that climate change presents. As India gears up to invest a staggering $2.5 trillion by 2032, the emphasis on sustainable practices becomes paramount. This investment is not just about numbers; it’s about creating a resilient framework that can withstand the shocks of an unpredictable climate.
The ambitious plans include ramping up non-fossil fuel generation by 300 GW, expanding national highways by 65,000 km, and scaling airport capacity to accommodate a tenfold increase in passenger traffic. While it’s true that India’s infrastructure development may lag behind that of developed countries, this delay offers a unique opportunity. With a clearer understanding of climate impacts, India can design its infrastructure to be inherently future-proof. The increasing frequency of extreme climate events serves as a wake-up call. Oxfam’s study revealing a threefold increase in climate-related disasters over the last three decades underscores the urgency of this need.
In the Indian context, extreme weather is becoming the new normal. For instance, August 2023 was recorded as the hottest August in nearly two decades. The United Nations Environment Programme highlights that developing countries will need to invest between $140 billion and $300 billion annually by 2030 just to cope with climate adaptation and damages. By investing in sustainable infrastructure now, India can significantly mitigate these costs and risks to human life and habitat. The benefits of sustainable solutions extend beyond mere financial metrics; they promise a safer, more resilient future.
Policy makers are already taking strides in this direction. Initiatives such as incorporating waste plastic in highway construction, adopting electric and hybrid vehicles, and transitioning to renewable energy at 66 Indian airports are just the tip of the iceberg. The railways are also on a path to achieve net zero and improve water use efficiency by 20% by 2030. Furthermore, a commitment to ensuring that at least 40% of energy generation comes from non-fossil sources by 2030 illustrates a robust commitment to sustainability.
The landscape is changing; investors are increasingly shunning thermal energy in favor of renewables. This shift is reflected in the transparency of global investors, who now regularly publish sustainability performance data from their portfolio companies. Given India’s reliance on foreign capital for infrastructure development, aligning with sustainability becomes not just advantageous but essential.
As India seeks to enhance its global standing, the proactive adoption of international treaties and responsible commitments has positioned it favorably among investors. Between 2017 and 2023, India attracted Rs.66.7 lakh crore in infrastructure investment, a figure that CRISIL projects will more than double to Rs.142.9 lakh crore from 2024 to 2030. By embedding sustainability as a core principle in infrastructure development, India is not merely aiming for economic growth; it is striving for a Viksit Bharat—an advanced, sustainable India that prioritizes the well-being of future generations. This is not just a vision; it’s a necessity in the face of climate change and a commitment to a sustainable future.
