Economist and Janata Dal (United) MP, N. K. Singh on Friday demanded setting-up of a special fund to meet the challenges of global warming and climate change.
“The Environment Adaptation and Mitigation Fund (EAMF) could be constituted by innovative fiscal policies,” Singh said, moving a resolution in the Rajya Sabha.
The fund could be used to finance the cost of technology and promote research and development or renewable energy to meet situations arising out of global warming and climate change, he said.
He appealed to the government to adopt the resolution, saying the fund could be
constituted by imposing a
carbon tax, taxing small fossil fuel power generation units, fixing a surcharge on per capita energy usage above a particular level and general budgetary support.
“This initiative would allow Ministries and other bodies to apply for additional funding, resources additional to what the budget has allocated,” the former Revenue Secretary said.
His suggestion was supported by many MPs. Former minister Mani Shankar Aiyar emphasised on revisiting former Prime Minister Rajiv Gandhi’s idea of establishing a Planet Protection Fund (PPF).
Aiyar said the PPF under the aegis of the UN for protecting the environment was proposed to be set up through global efforts.