Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  India suffered income loss of 5.4% of GDP due to heatwave in 2021: Report
BackBack

India suffered income loss of 5.4% of GDP due to heatwave in 2021: Report

The report highlighted that India witnessed a record heatwave that greatly affected workers, labour migrants, low-income household

India is responsible for 3% of global emissions (HT_PRINT)Premium
India is responsible for 3% of global emissions (HT_PRINT)

India suffered an income loss of 5.4% of Gross Domestic Product (GDP), the highest among the G20 nations in 2021, according to the new report of Climate Transparency.

The report highlighted that India witnessed a record heatwave that greatly affected workers, labour migrants, low-income households, and the homeless, and reduced the yields of wheat crops.

Despite the fact that India is responsible for 3% of global emissions, the report mentioned that around 142 million people in India may be exposed (10% of the population) to summer heatwaves at 1.5 Degrees Celsius.

The higher temperature resulted in the reduction of working hours, which further led to substantial income losses in services, manufacturing, agriculture, and construction.

The 'Climate Transparency Report 2022' was developed with experts from 16 partner organisations from the majority of the G20 (Group of 20) countries.

Further, talking about global emissions, the USA ranked first, as America contributes 25% of it, followed by the European Union with 22%.

"G20 members account for around 85% of global GDP, 75% of international trade, and two-thirds of the world's population, and are responsible for around three-quarters of global emissions," the report reads.

To limit warming to 1.5 Degrees Celsius, the G20 countries need to carry high responsibility, the report added, “For developed countries, this includes providing climate finance to assist developing countries' mitigation and adaptation actions".

According to the Climate Transparency Report 2022, the G20 members are still not taking the necessary level of accountability of action.

The report noted that several countries including India have submitted stronger Nationally Determined Contributions (NDC) targets over time, but their overall level of ambition and action is still insufficient to meet 1.5 Degrees Celsius, according to the Climate Action Tracker.

"The combined mitigation effect of all 2030 targets assessed is projected to lead to warming of 2.4 Degrees Celsius, with current policies leading to a 2.7 Degrees Celsius world by 2100. This underlines the urgent need for G20 members to strengthen current climate policies, intensify implementation, and submit more ambitious 2030 targets that align with midcentury net zero targets," the report reads.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 Oct 2022, 12:49 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App