A new report by the World Economic Forum warns that India’s economy—closely aligned with nature—is exposed to a climate-induced crisis that could eventually lower its GDP by over 10 percent and push 50 million people back into poverty by the end of the century. A recent report co-authored by the Confederation of Indian Industry and IORA Ecological Solutions says that India’s nature-dependent sectors—forestry, agriculture, fisheries, and energy—together comprise a third of its economy and are grossly vulnerable.
Manifold threats come with climate change, identified by sea-level rise, receding glaciers, and erratic monsoons. Projections show that there will be a steep fall in agricultural output of 16 percent by the year 2030, which is about 2.8 percent of GDP. This projected fall in agricultural productivity makes the imperative for practical action concerning climate change very urgent.
A new report, “Unlocking Private Sector Investment into Natural Climate Solutions in India,” implores India’s largest business entities to increase investments in natural climate solutions—a set of technologies that protect, restore, and better manage the key ecosystems sustainably. Although many large companies have pledged ambitious sustainability commitments, much larger investments will be needed if there is any hope of avoiding the rapidly intensifying climate crisis.
India contributes about 2.5 percent to GHG global emissions, nearly 70 percent of which are related to energy and 6 percent from agriculture and forestry. Utilizing NCS in such a scenario would have serious potential for mitigating such impacts and would provide aid in achieving environmentally sustainable economic development.
The balancing of economic growth with that of climate action is hence very critical to the future of India. Economic benefits from proactive climate initiatives could reach as high as USD 11 trillion, proving that integration has the potential to work toward long-term prosperity. In doing so, at this crossroads, how India aligns its economic and environmental goals will be the way forward in safeguarding its economy and population from the harmful effects of climate change.
Source: World Economic Forum