Source: Business Standard
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What is the News?
Deloitte Economics Institute has released a report, titled “India’s turning point: How climate action can drive our economic future”.
Key Findings of the Report:
Impact of Climate Change on Economy:
- India can gain $11 trillion in economic value over the next 50 years by limiting rising global temperatures and realising its potential to ‘export decarbonisation’ to the world.
- Decarbonisation is the reduction of carbon dioxide emissions through the use of low carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.
- However, if India doesn’t act now to mitigate the effects of climate change, it could lose $35 trillion in economic potential which could be 12.7% of its gross domestic product (GDP) by 2070.
Top Five Impacted Industries due to Climate Change:
- Over the next 50 years, the top five most impacted industries in terms of economic activity are expected to incur a significant share of climate-related loss.
- These industries will be services (government and private), manufacturing, retail and tourism, construction, and transport which currently account for more than 80% of India’s GDP.
- The report estimates that by 2070, these five industries alone would experience an annual loss in the value-added to GDP of more than $1.5 trillion per year.