Last Updated: August 23, 2021
New Delhi: India must act now to prevent it from losing $35 trillion in economic potential over the next 50 years due to unmitigated climate change, according to a latest report from the Deloitte Economics Institute.
It added that India can gain $11 trillion in economic value over the same period by limiting rising global temperatures and realising its potential to ‘export decarbonisation’ to the world.
“We have a narrow window of time — the next 10 years — to make the decisions needed to alter the trajectory of climate change. No one is immune to the impact of climate change, but for India this is a window of opportunity to lead the way,” said Atul Dhawan, chairperson, Deloitte India.
According to the report titled ‘India’s turning point: How climate action can drive our economic future’, over the next 50 years, the top five most impacted industries in terms of economic activity will be — government and private services sector, manufacturing, retail and tourism, construction, and transport.
Deloitte 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.
“By making the right choices now, India could chart a more prosperous path towards a low-emission future, accelerating progress in the rest of the world by exporting key technologies, processes, and know-how,” said Viral Thakker, partner and sustainability leader, Deloitte India.
The report said that India can achieve significant economic growth by supplying the products, services, and financing the world will need to limit temperature increases.