Does cultural economics affect country’s competitiveness?

Abstract

Right to clean environment is an important fundamental right and has been well-established through various case laws. The march towards protection of environment in India started in 1976 when 42nd Constitution (Amendment) Act was passed and Articles 48A and 51A were inserted in the Constitution of India. But the justiciability of this right was only ensured after it was interpreted to be part of Article 21 of the Constitution. The variety of rights within this broader domain of right to healthy and clean environment has evolved over the past years depending upon the concerns of the prevalent time. The hon’ble Supreme Court then accordingly fixed the liability of the concerned stake holders. But in today’s time the environmental concerns have shifted more towards issues like poor waste management, unplanned urbanisation, urban heat islands and increase in temperature for which resolution must be sought at ground level. This necessitates the re-evaluation of the role of municipalities, the linchpins of local governance towards achieving sustainable development. It is needless to say that the significance of sustainable development has grown more than ever. In the light of the above, the present article aims to trace the constitutional and judicial evolution of right to clean environment in India. It will then focus on the emerging role of municipalities in India in advancing sustainable progress with special emphasis on strategic use of green bonds as a financial instrument. The article will also look into some of the areas where municipalities can have a significant impact such as infrastructure development, green spaces, waste management, urban planning, etc. Examination of these aspects will result into a better understanding of how Indian municipalities are striving to create a more liveable environment for the public. In conclusion, this article will give a comprehensive understanding of the pivotal role that municipalities play in advancing sustainable development and underscores the potential of green bonds as a transformative financial instrument in this endeavour.

Keyword : Environment, sustainable development, municipalities, green bonds, waste management.