IN JUNE 2023, over 100,000 were affected by the severe flooding of the Singra River in Assam. Soon after, the monsoon brought further devastation with heavy rainfall causing landslides in parts of northern India, particularly impacting the state of Himachal Pradesh. Heatwaves, cyclones, and increasingly harsh winters— India is grappling with the severe effects of extreme weather conditions.
These seemingly isolated events, the result of longterm climate change, have economic implications as well. The Reserve Bank of India, in its Report on Currency and Finance in 2022-23, said up to 4.5% of India’s GDP could be at risk by 2030 due to lost labour hours from extreme heat and humidity alone.
Timely adoption and rapid implementation of climate adaptation and mitigation strategies to reduce India’s carbon footprint and achieve its net-zero target by 2070 is the need of the hour. However, to achieve this Herculean task, an estimated investment of $10.1–15.1 trillion is required.
Vivek Sen, Acting India Director of global non-profit advisory Climate Policy Initiative (CPI), says most of the investments must go towards transforming India’s energy-related sectors. About $8-10 trillion is required to scale up generation of renewable energy and associated integration, distribution, and transmission infrastructure. In addition, $1.5 trillion would have to be invested in the industrial sector to set up green hydrogen production capacity, and $1 trillion to decarbonise the transport sector. In the short term, to meet the nationally determined contributions (NDCs) by 2030, an investment of about $250 billion is needed annually. “So, by 2030, around $1.5 trillion would be needed,” adds Sen.
But India is far behind this target.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
"Focus on the challenge of each customer"
SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company
PEDAL ON THE FUTURE
THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY
BREATHE EASY
Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference
The Taste of India in a Glass
FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN
LOOK BEFORE YOU LEAP
IN 2025, INVESTORS WILL NEED TO FACTOR IN VOLATILITY ACROSS ASSET CLASSES
MISSING ADVISORS
INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE
TURNING A CORNER
SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE
REALITY CHECK
INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?
TRUMP'S TRADE TANGO
The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?
"The essence of the Trump administration will be transactional”
Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more