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.
Denne historien er fra June 23, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra June 23, 2024-utgaven av Business Today India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
