A new report from the Deloitte Economics Institute has said that India must act now to mitigate climate change or the country will lose USD 35 trillion in economic potential within the next 50 years.
The report, titled “India’s turning point: How climate action can drive our economic future”, also shows how India might gain USD 11 trillion in economic value instead during the said period.
“We have a narrow window of time, the next 10 years, to make the decisions needed to alter the trajectory of climate change,” according to Deloitte India chairperson Atul Dhawan.
“No one is immune to the impact of climate change, but for India, this is a window of opportunity to lead the way and show how climate action is not a narrative of cost but one of sustainable economic growth.”
The report also suggests that average global temperature rises may be limited to around 1.5 degrees Celsius by 2050 if governments, businesses, and communities address climate change in the next decade.
“We need to transform the world’s economies towards new, low-emission pathways and India is well-positioned to play a leading role in this process globally,” said Viral Thakker from Deloitte India.
“[With 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.”