India could gain $11 trn in 50 years with climate action: Deloitte report

Source: Business Standard

What is the News?

Deloitte Economics Institute has released a report, titled “India’s turning point: How climate action can drive our economic future”.

Key Findings of the Report:

Impact of Climate Change on Economy:

1. India can gain $11 trillion in economic value over the next 50 years by limiting rising global temperatures and realising its potential to ‘export decarbonisation’ to the world.
   • Decarbonisation is the reduction of carbon dioxide emissions through the use of low carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.
2. However, if  India doesn’t act now to mitigate the effects of climate change, it could lose $35 trillion in economic potential which could be 12.7% of its gross domestic product (GDP) by 2070.

Top Five Impacted Industries due to Climate Change:

1. 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.
2. These industries will be services (government and private), manufacturing, retail and tourism, construction, and transport which currently account for more than 80% of India’s GDP.
3. The report estimates that by 2070, these five industries alone would experience an annual loss in the value-added to GDP of more than $1.5 trillion per year.