India Could Gain $11 trn in 50 years With Climate Action: Deloitte Report
According to the recent Deloitte Economics Institute report, India must act quickly to avoid losses. The paper, titled “India's turning point: How climate action can drive our economic future,” also shows how India may gain US$ 11 trillion in economic value over the same time frame.
August 25, 2021. By News Bureau
Over the next 50 years, unabated climate change might lose India US$ 35 trillion in economic potential. According to the recent Deloitte Economics Institute report, India must act quickly to avoid losses. The paper, titled “India's turning point: How climate action can drive our economic future,” also shows how India may gain US$ 11 trillion in economic value over the same time frame.
Deloitte's analysis comes in the wake of the IPCC's (Intergovernmental Panel on Climate Change) report, which raises severe worries about climate change and its potentially catastrophic effects on the planet as a result of rising temperatures. The IPCC study released earlier this month predicted that glacial retreat in the Hindu Kush Himalayas, compounding impacts of sea-level rise and powerful tropical storms leading to flooding, an irregular monsoon, and intense heat stress would all affect India in recent years.
According to Mr. Atul Dhawan, Chairman of Deloitte India, India has a short window of opportunity - the next ten years — to make the decisions necessary to shift the course of climate change. No one is immune to the effects of climate change, but India, as Mr. Dhawan points out, has a unique chance to “lead the way and demonstrate how climate action is not a cost but a storey of sustainable economic growth.” As India strives to become a US$ 5 trillion economy, he says the government must not just focus on foreign and local investments, but also use this chance to connect its goals with climate decisions.
If nothing is done about climate change, global temperatures may rise by 3°C or more by the end of the century. As sea levels rise, food yields decline, infrastructure is harmed, and other obstacles emerge, people will find it more difficult to live and work, jeopardizing the country's recent growth and prosperity.
The top five most damaged industries in terms of economic activity are likely to bear a considerable proportion of climate-related loss over the next 50 years, according to the analysis. More than 80% of India's GDP is generated by these industries: government and private services, manufacturing, retail and tourism, construction, and transportation. They are the foundation of the country's current economic engine. According to Deloitte, these five industries alone will lose more than US$ 1.5 trillion in yearly value contributed to GDP by 2070.
According to Deloitte's research, average global temperature rises can be limited to around 1.5°C by 2050 if governments, businesses, and communities act boldly and quickly in the next decade to address climate change – a scenario that will minimise the impact of climate change on India and the rest of the world. At the same time, India can achieve enormous economic growth by providing the products, services, and money that the world will require to keep global warming to a minimum.
Many Indian companies are already world leaders in developing the advanced technologies that countries will require to address climate change. Green hydrogen and negative-emission solutions, both natural and technological, are examples.
According to Mr. Viral Thakker, Partner and Sustainability Leader at Deloitte India, as the world's economies transition to new, low-emission routes, India is well positioned to lead the way. “By making the right decisions now, India can chart a more profitable road to a low-emission future, speeding development in the rest of the world by exporting important technology, processes, and know-how,” Mr. Thakker says.
As a developing country, India's transition to a low-emissions economy is anticipated to be more complicated and difficult than that of much of Asia Pacific. It will have to strike a difficult balance between the requirement for continued economic growth — and rising energy demand — and investing in and transitioning to developing, low-emission technologies. The costs of structural adjustment associated with lowering India's emissions profile are likely to be substantial, but the cost of inaction is expected to be even higher.
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