India ranks 7th among nations most vulnerable to climate change
What's the story
The Economic Survey, tabled in Parliament earlier today, has flagged India as the seventh most vulnerable country to climate change.
The revelation comes as global environmental agencies declared 2024 as the hottest year on record.
The survey highlighted India's growing vulnerability to extreme weather events, slow onset phenomena like sea-level rise, biodiversity loss, and worsening water insecurity.
Disproportionate effects
Impact on developing nations like India
The Economic Survey highlighted that the effects of climate change are disproportionately experienced by developing countries such as India.
These countries carry the weight of historical greenhouse gas emissions but are often under-resourced for adequate adaptation.
The survey noted, "India faces challenges in deploying renewable energy, particularly due to a lack of storage technology and access to minerals."
It emphasized a strong adaptation strategy considering India's vulnerability.
Economic impact
Climate change could reduce India's GDP by 3-10%
The survey emphasized that India witnessed extreme weather events in 2024, with 93% of days characterized by extreme climate events like heatwaves, cyclones, and floods.
These conditions threaten agricultural productivity and may lead to food inflation and social unrest.
Economically, the stakes are high, with estimates indicating that climate change could reduce India's GDP by 3-10% each year.
Government response
India increases adaptation expenditures to combat climate change
The Economic Survey also observed that the Indian government has raised its adaptation expenditures from 3.7% to 5.6% of GDP between FY16 and FY22.
This increase shows a rising awareness of the need for robust climate resilience strategies.
However, experts have cautioned that the $300 billion annual finance target for climate adaptation by 2035 is inadequate against the estimated $5.1-6.8 trillion requirement by 2030.
Gender impact
Climate change disproportionately affects women in rural areas
The survey also highlighted how climate change disproportionately affects women, especially those in rural areas whose livelihoods are threatened.
There is a growing focus on self-help groups (SHGs) to create alternative livelihoods for these women in agriculture and micro-enterprises.
This would help cushion the impact of climate change on vulnerable communities.