According to a report released on Tuesday by the London-based global think tank Overseas Development Institute, India might lose anywhere between 3 and 10% of its GDP yearly by 2100, and its poverty rate might grow by 3.5 percent by 2040 as a result of climate change. The paper, titled “The Implications of Climate Change in India,” examines the economic costs of climate-related hazards in India and warns that rising inequality and poverty are possible outcomes.
According to the report, India is already feeling the effects of 1°C of global warming. Extreme heatwaves, heavy rainfall, severe flooding, catastrophic storms, and rising sea levels, according to the research, are wreaking havoc on people’s lives, livelihoods, and properties across the country. “In India, climate change is already slowing poverty reduction and increasing inequality. The fastest-warming districts have had their gross domestic product grow at a rate of 56 percent less than the slowest-warming districts.
According to the analysis, even if global temperatures are kept below two degrees Celsius, India will lose 2.6 percent of its GDP year, and if global temperatures rise to three degrees Celsius, this loss will climb to 13.4% yearly.
According to an analysis of the Ganges-Brahmaputra-Meghna and Mahanadi deltas (where over 60% of farmland and pastureland is devoted to meeting demand from elsewhere), the absence of this activity due to climate change will result in an economic loss of 18–32 percent of GDP.
“Pursuing a cleaner, more resource-efficient track to development could drive a faster, more equitable economic recovery for India and help safeguard India’s prosperity and competitiveness in the long run,” Economist Rathin Roy, Managing Director (Research and Policy) at ODI, stated.