With around 3.9 billion mt of CO2 generated in 2021, India ranked 3rd in the world for greenhouse gas emissions, accounting for 7% of worldwide emissions. Hence, investments in climate technology are essential for revolutionary solutions in the face of growing climate challenges.
Major GHG emissions from agriculture (about 50%) and coal combustion (50%) cause serious issues in our country. This imparts hindrance in our sustainable economic growth.
Impacts on Agriculture and Livelihood:
Climate change poses a serious danger to India’s economy because it affects both the macroeconomic supply and demand sides. This global phenomenon wrecks havoc on many fronts, including infrastructure, energy demands, public health, industrial production, agriculture, fisheries, and financial services.
Health Costs and Human Impact:
Disease incidence rises due to climate change, which affects vulnerable groups and puts a strain on public health resources. According to the World Health Organization, between 2030 and 2050, numerous climate-related variables are anticipated to result in an additional 2,50,000 fatalities annually due to climate change.
Infrastructure Damage and Economic Disruptions:
Climate-related events cause damage to physical infrastructure, such as power plants, roads, and bridges, which disrupts economic activity. In addition to higher maintenance costs, damaged infrastructure also results in financial losses. For example, floods in India caused substantial economic losses in the last ten years, making up 10% of all losses worldwide.
Industrial Output and Energy Demands:
As a result of increased operating costs and lower industry profits, climate change adds to the loss of jobs in certain sectors. The International Energy Agency (IEA) has noted that rising temperatures also lead to higher energy consumption and a worsening of India’s energy crisis.
Financial Services Under Pressure:
The ability of borrowers to repay loans is impacted by climate-related events, which raises credit risk and presents challenges for financial services. Possible loan defaults and credit losses result from this circumstance. Climate change also affects travel and hospitality services, insurance claims, and business profitability.
Transformative Climate Solutions:
Disruptive Climate Technologies:
Transformative Climate Solutions Disruptive technologies that supplant carbon-intensive industrial processes present significant opportunities. When combined with renewable energy sources, electric vehicles (EVs) have the potential to significantly reduce GHG emissions—EVs emit less than half as much as vehicles powered by fossil fuels. Methane conversion and the production of farmed meat are two examples of agricultural innovations that dramatically lower emissions.
It is critical that digital platforms optimize supply chains, cut waste, and guarantee transparent access to sustainable products. Digital agricultural solutions minimize waste and lower greenhouse gas emissions. These innovations support sustainability driven by technology
Data Gathering and Analysis:
It’s critical to measure carbon emissions accurately. Farmers and organizations can better understand their impact on the environment thanks to remote sensing technology. Tracking environmental data is improved by integrating hardware- and software-led approaches, which is essential for meeting reporting regulations.
Strategies for Adaptation and Resilience:
Solutions for Parametric Insurance:
Vulnerable communities are protected by innovative parametric insurance against damages related to climate change. This strategy builds resilience by ensuring financial security in the face of erratic weather.
Climate-resistant seed varieties are produced by intelligent platforms that use phenotypic and genomic data. A crucial component of agricultural adaptation, seed development is accelerated by this innovation.
India has a special challenge in trying to balance rising carbon emissions with fast growth.
All ecosystem stakeholders must take an active role in order to achieve sustainable and environmentally friendly growth.
In order to reduce GHG emissions, government involvement is essential and calls for the creation of supportive policies, grants, funding for research and development, and strict regulations.
Businesses should be encouraged to seize climate-positive opportunities by implementing eco-friendly practices and working with start-ups to share and scale technology.
In order to develop climate solutions tailored to India that can be replicated in other emerging markets, startups should be supported as they play a crucial role.
India’s Climate Change Initiatives: A Strategic Approach
Reaching 500 GW Non-Fossil Energy Capacity by 2030:
India wants to promote sustainable energy generation and consumption by greatly increasing its non-fossil energy sources.
50% Renewable Energy Usage by 2030:
India aims to wean itself off of fossil fuels by utilizing renewable energy to meet half of its energy needs.
Reducing Total Projected Carbon Emissions by 1 Billion Tonnes by 2030:
India is making a significant contribution to international efforts to mitigate climate change by committing to reducing its total projected carbon emissions.
Reducing Carbon Intensity by 45% by 2030:
India intends to encourage energy efficiency and environmentally friendly technologies while reducing the carbon intensity of its economy by 45% from 2005 levels.
Reaching Net Zero Emissions by 2070:
In order to meet global climate targets, India wants to achieve net zero emissions by 2070 by balancing its greenhouse gas emissions with removals.
Right now, India is striking a balance between reducing carbon emissions and accelerating economic growth. A harmonious coexistence of progress and planet is ensured by investments in transformative climate solutions, which not only mitigate climate change but also spark innovation. These all-encompassing, people-focused strategies establish the foundation for a more environmentally conscious future as India maps out its sustainable future.