India may lose 3-10% of GDP annually by 2100 due to climate change

According to a report released by the London-based global think tank Overseas Development Institute, India could lose around 3-10 per cent of its GDP annually by 2100 and its poverty rate could rise to 3.5 per cent in 2040. Tuesday. The report titled ‘The Costs of Climate Change in India’ looks at the economic costs of climate-related risks in the country and points to the potential for increasing inequality and poverty. India is already experiencing the consequences of 1 degree Celsius of global warming, it said. Extreme heat, heavy rainfall, severe floods, devastating storms and rising sea levels are causing damage to life, livelihood and property across the country, the report said. Given that India has made rapid progress in raising income and living standards over the past three decades, but without rapid global action, climate change could reverse the development gains of recent decades, It says. “Climate change is already slowing the pace of poverty reduction and increasing inequality in India. The fastest warming districts have seen an average 56 percent reduction in GDP

The ones that heat up the slowest. Without rapid global action to reduce greenhouse gas emissions, rising average temperatures could actually reverse the growth gains of recent decades. The report found that even if temperatures are limited to 2 °C, India will lose 2.6 per cent of GDP annually, and if global temperatures rise by 3 °C, this loss will increase to 13.4 per cent annually. Rathin Roy, managing director (research and policy), ODI, said pursuing low-carbon development could reduce projected costs, and bring other economic benefits, “of a cleaner, more resource-efficient path to growth.” To encourage a rapid, fair economic recovery for India and help secure India’s prosperity and competitiveness in the long term. Low carbon alternatives are more efficient and less polluting, allowing for cleaner air, There are immediate benefits such as greater energy security and faster job creation. .