News Mania Desk/ Agnibeena Ghosh/30th June 2024
Countries worldwide are grappling with the escalating impacts of extreme weather events, exacerbated by rapid economic growth, industrialization, and urbanization. India, in particular, faces significant challenges due to its unique geographical features and exposure to climate risks, as highlighted by recent reports from global climate indices.
According to the Global Climate Risk Index developed by Germanwatch, India ranks seventh among the countries most affected by climate change. This ranking underscores the nation’s vulnerability to extreme weather events such as cyclones, floods, and droughts, which have become increasingly frequent and severe in recent years.
The World Risk Index 2023 further underscores India’s vulnerability, ranking it as the third most disaster-prone country globally. This index assesses the interaction between exposure and vulnerability, emphasizing the urgent need for robust adaptation measures to mitigate climate risks.
Studies conducted by the Department of Science and Technology and the Council on Energy, Environment and Water (CEEW) have identified specific Indian states highly vulnerable to climate change impacts. States like Assam, Andhra Pradesh, Maharashtra, Karnataka, and Bihar are particularly susceptible due to their exposure, sensitivity, and limited adaptive capacity.
The impact of climate change extends across various sectors of the economy. Studies estimate that climate-related disruptions could lead to GDP losses ranging from 3% to 10%. Reports by Moody’s have warned of potential sovereign credit rating downgrades due to acute water shortages affecting agricultural productivity.
Agriculture, a cornerstone of India’s economy, faces significant challenges from climate change. Erratic weather patterns and water scarcity disrupt crop yields, leading to food inflation and income decline. Marginal farmers, who constitute a substantial portion of the agricultural workforce, are disproportionately affected, with many experiencing severe crop losses in recent years.
Industries reliant on water-intensive processes, such as thermal power generation and steel production, are also vulnerable to climate-induced water shortages. These sectors face operational disruptions during droughts, highlighting the interconnectedness of water availability and industrial output.
To enhance climate resilience, India requires a multifaceted approach that includes both mitigation and adaptation strategies. Key measures include investing in climate-resilient agriculture, upgrading irrigation infrastructure, and promoting drought-resistant crop varieties. Early warning systems for extreme weather events are critical for timely responses and minimizing damage.
Addressing the climate finance gap is crucial for scaling up adaptation efforts. Despite global commitments, the current level of climate finance falls short of what is required. India advocates for increased international support, including grants and concessional finance, to meet its climate action needs.
Furthermore, mobilizing private capital through initiatives like Sovereign Green Bonds and enhancing the municipal green bond market can complement public finance efforts. These instruments enable investments in local climate projects aligned with State-level Action Plans on Climate Change (SAPCCs), thereby supporting sustainable development at the grassroots level.
As India prepares to navigate the challenges posed by climate change, collaborative efforts at both national and international levels are imperative. Strengthening resilience to climate risks is not only a strategic imperative but also essential for safeguarding livelihoods and ensuring sustainable economic growth in the face of escalating climate uncertainties.
