India can save up to $11 trillion in economic value by climate action: Study

NEW DELHI: A new report from Deloitte Economics Institute states that India should begin acting on mitigating climate change, which can help the country save up to $35 trillion in economic potential in the next 50 years. The report was titled ‘India’s turning point: How climate action can drive our economic future’ and it added that the country could gain $11 trillion in economic value by controlling the surge in global temperature and realising its potential to ‘export decarbonisation’ in the world.

Atul Dhawan, Chairperson, Deloitte India, said that now everybody has a narrow window of 10 years to make decisions needed to change the trajectory of climate change. He added that nobody is immune to the effects of climate change but for India, it is an opportunity to lead the way and show how climate action is the narrative of sustainable economic growth.

The report mentioned that the average global temperature could rise by 3 degrees Celsius or more by the end of this century if there is no action on climate change. It added that it will make harder for people to live and work due to rise in sea levels, crop yield fall, damaged infrastructure and other emerging challenges, threatening the progress and prosperity that the nation has enjoyed in the recent times.

The report also said that over the next 50 years, the top five most impacted industries by economic activity are expected to suffer from a significant loss due to climate-related issues. Deloitte estimates that by 2070, these industries would experience a loss of more than $1.5 trillion per year.