UNESCAP Report warns India of potential 35% GDP loss due to climate change by 2100
- In Reports
- 01:15 PM, Oct 07, 2023
- Myind Staff
According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), India is going to experience a more significant impact from climate change compared to its neighboring countries. ESCAP's recent report highlights the Asia-Pacific region's growing climate action financing gap and emphasizes the dire consequences.
The report indicates that India may face higher climate change-related losses, reaching 35% of its GDP by 2100, a notable difference from developing Asia's 24%. Moreover, the report warns of a potential doubling in losses from disaster-related and natural hazards, amounting to $1.4 trillion for Asia-Pacific economies in the worst-case scenario during the same period.
“Inaction is no longer an option. All stakeholders must commit to accelerating change by transforming their financing priorities, processes, and programs in order to meet the Sustainable Development Goals and climate action ambitions,” said Hamza Ali Malik, director of the macroeconomic policy and financing for development division, ESCAP. The report arrives amidst global agencies' consistent emphasis on the fact that developing countries are currently falling short of achieving their Sustainable Development Goals by 2023.
The ESCAP report has brought to light a concerning trend in the Asia-Pacific region regarding climate action. It indicates that since 2015, there has been a regression in the region's efforts to combat climate change. What's particularly noteworthy is that the majority of countries in the region have not yet translated their commitments to achieving carbon neutrality into legally binding measures. Out of the 39 countries within the Asia-Pacific region, only five have taken the crucial step of enacting laws specifically addressing carbon neutrality.
In response to this pressing issue, the report has underscored ten actionable points that these countries must prioritize. These points are seen as pivotal in bridging the sustainable financing gap, which is crucial for effective climate action. Among these points are strategies such as harnessing local currency financing, actively involving the private sector in climate-related initiatives, setting ambitious net-zero emission goals, implementing regulatory measures, and ensuring coherence in climate policies and actions.
Furthermore, it is important to note that India, one of the prominent nations in the region, faces a significant financial requirement in its pursuit of mitigation and adaptation measures as outlined in its nationally determined contributions (NDCs) until the year 2030. The estimated funding needed for these efforts amounts to a substantial $1.04 trillion. This underscores the magnitude of the financial challenges that countries like India are grappling with in their commitment to addressing climate change effectively.
In conclusion, the ESCAP report sheds light on the critical state of climate action in the Asia-Pacific region, where regression in efforts and the gap between commitments and legal actions pose significant challenges. Addressing these issues will require concerted efforts and financial commitments, as exemplified by India's substantial funding requirement to meet its climate goals.
Image source: Times of India
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