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What is the news?
Costs of Climate Change in India report has been released by London-based global think tank Overseas Development Institute.
About Costs of Climate Change in India Report:
- It looks at the economic costs of climate-related risks in India. It also points to the possibility of increased inequality and poverty due to climate change.
Key Highlights from the Costs of Climate Change in India Report:
Impact of Climate Change: India is already feeling the impacts of 1°C of global warming such as:
- Heatwaves are becoming more common and severe;
- Heavy rain events have increased threefold since 1950 and
- Rising sea levels are posing new risks as a third of India’s population live along the coast.
Also Read: Causes behind natural climate change
Economic Costs due to Climate Change:
- India may lose anywhere around 3 to 10% of its GDP annually by 2100 due to climate change.
- Moreover, even if the temperatures are contained to 2oC, India will still lose 2.6% GDP annually.
- In case the global temperatures were to increase to 3oC, this loss will increase to 13.4% annually.
Ganges-Brahmaputra-Meghna and Mahanadi deltas
- The report has analyzed the Ganges-Brahmaputra-Meghna and Mahanadi deltas.
- In these deltas, over 60% of cropland and pastureland is devoted to satisfying demand from elsewhere.
- The report found that the climate-induced disappearance of the activity around these deltas will lead to an economic loss of 18–32% of GDP.
Increase in Poverty and Inequality due to Climate Change:
- Rise in poverty: India’s poverty rate may rise by 3.5% in 2040 due to climate change. This equates to around 50 million more poor people than there otherwise would have been in that year.
- This can happen because of various factors. Such as rising cereal prices, declining wages in the agricultural sector and the slower rate of economic growth attributable to climate change.
Source: Indian Express