India has a $11 trillion opportunity if it acts quickly on climate change

climate change

climate change

As the region's energy demand grows rapidly in the coming years, India might exploit the transition to a low-emission foundation to reorient its economy toward growth in advanced industrial sectors, leveraging lower-cost clean energy export markets.According to a report by the Deloitte Economics Institute, India must act now to avoid losing $35 trillion in economic potential over the next 50 years due to unabated climate change.

The report, titled India's turning point: How climate action can drive our economic future, shows how, over the same time period, the country could gain $11 trillion in economic value by limiting rising global temperatures and realising its potential to "export decarbonization" to the rest of the world.“We have a narrow window of time—the next 10 years—to make the decisions needed to alter the trajectory of climate change.

No one is immune to the impact of climate change, but for India this is a window of opportunity to lead the way and show how climate action is not a narrative of cost but one of sustainable economic growth," said Atul Dhawan, chairperson, Deloitte India.As India strives to become a $5 trillion economy, with foreign and local investments crucial to growth, Dhawan believes the time has come to match objectives with climate choices.Average global temperatures could rise by 3°C or more by the end of the century if no action is taken to combat climate change.

As sea levels rise, food yields decline, infrastructure is harmed, and other obstacles emerge, people will find it more difficult to live and work, jeopardising the country's recent growth and prosperity.According to Deloitte, these five industries alone will lose more than $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.

Source:- LiveMint



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