Climate action can drive the economic future: Deloitte

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A new report from the Deloitte Economics Institute shows that India must act now to prevent the country from losing $ 35 trillion in economic potential over the next 50 years due to unmitigated climate change.

The report, entitled “India’s Turning Point: How Climate Action Can Drive Our Economic Future“reveals how the country could earn $ 11 trillion in economic value by limiting the rise in global temperatures and realizing its potential to” export decarbonization “to the world.

“We have a narrow window of time – the next 10 years – to make the decisions necessary to change the trajectory of climate change. For India, this is a window of opportunity to show the way as it aspires to be a $ 5,000 billion economy, it is not only foreign and domestic investment that will be critical in boosting the economy. growth, we must also seize this opportunity to align our ambitions with the climate choice, ”said Atul Dhawan, President of Deloitte India.

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Without action on climate change, average global temperatures could rise 3 ° C or more by the end of this century. This will make life and work more difficult for people, as sea levels rise, crop yields decline, infrastructure is damaged and other challenges emerge, threatening progress and prosperity including the nation has enjoyed over the past decades.

Deloitte research shows that if governments, businesses and communities act boldly and swiftly over the next decade to tackle climate change, average increases in global temperature can be limited to around 1.5 ° C. by 2050. India can achieve significant economic growth by providing the goods, services, and financing the world will need to limit rising temperatures.

“We need to transform global economies into new low-emission pathways and India is well positioned to play a leadership role in this process globally. By making the right choices now, India could chart a more prosperous path to 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 leader in sustainable development. , Deloitte India.

Read also: Getting companies to act against climate change

Accelerated decarbonization could bring significant benefits to India and the world. From 2030 to 2040, India and the world will need to make significant and coordinated changes to reduce carbon emissions by addressing the way energy is produced and consumed.

2040 to 2055 is the turning point, where the world avoids blocking temperature increases of 3 ° C or more. By this time, the process of decarbonizing high-emitting industries would be almost complete, the cost of green solutions would begin to drop, and larger net economic gains would begin to emerge.

After 2055, the Indian economy would have radically transformed and produce almost zero emissions. There would have been a rapid gain in economic dividends from global decarbonisation, while the rise in global temperatures would have been limited to a maximum of 1.5 ° C by the end of the century.


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