Climate adaptation measures need to take into account the infrastructure gap caused by climate events
The cumulative total expenditure for adapting to climate change in India is estimated to be Rs 85.6 lakh crore by 2030, according to the Reserve Bank of India’s Report on Currency and Finance.
Climate adaptation measures need to take into account the infrastructure gap caused by climate events. This could be at least 2.5 per cent of the annual Gross Domestic Product (GDP).
It is also not advisable to not have a uniform climate mitigation strategy across sectors because emission intensities differ. For a developing country like India, the transition impact is considered minimal when following the Current Policies in the 2030 scenario but even then the GDP will shrink by 1.19 per cent.
Sector-specific climate mitigation strategies can address the crisis to an extent, as suggested by the report. In order to avoid the 3.9 GT scenario, renewable energy, electric vehicles and energy-efficient appliances should cater to 55 per cent of the country’s future energy requirements.
For the remaining 45 per cent (industries, animal husbandry and agriculture) a combination of deploying efficient carbon pricing or transferring the responsibility to producers can help address the issue.
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