By BW CFO World Online Bureau
Deloitte Economics Institute says that India could gain USD 11 trillion or lose USD 35 trillion if accurate measures are not taken.
A report from the Deloitte Economics Institute stated that India must now act promptly and prevent a loss of USD 35 trillion because of a change in the climate in the next 50 years. The report also reveals how the country can gain USD 11 trillion over the same period of time by limiting rising global temperatures and realizing its potential to ‘export decarbonization’ to the world.
The chairperson of the institute says that the timeframe must be reduced to 10 years in order to make a decision that is needed to alter the trajectory of climate change. No one is immune to climate change but for India, it is an opportunity to show the world how climate change is not a narrative of cost but is sustainable economic growth.
As India aims at becoming a USD 5 trillion economy, it is not just financing that will contribute to the growth, the country must also align ambitions with the climate choices. With no action taken on climate change, the average temperature could rise by 3 degrees.
It would make life harder for people, especially for the ones living near the sea, Sea level rises, crop yields fall and infrastructure is damaged and many more challenges emerge. Over the next 50 years, the top five most impacted industries in terms of economic activity are expected to incur a significant share of climate-related loss.