India’s GDP bears massive income loss of 5.4 PC due to heatwave: Report

According to a latest report of the Climate Transparency, India has suffered an income loss of 5.4% of Gross domestic Product (GDP), the highest among all other G20 nations in the year 2021.

Based on the “Climate Transparency report 2022,” which was created with the guidance of specialists from 16 partner institutions representing the majority of the G20 (Group of 20) nations, India witnessed a record heatwave that had a severe impact on workers, labour migrants, low-income households, and the homeless. It also decreased wheat crop yields, which would have been helpful in addressing supply shortages brought on by the conflict in Ukraine.

142 million Indians, or almost 10% of the population, may be exposed to summer heatwaves at 1.5 degrees Celsius, the analysis noted, despite the country contributing only 3% of global emissions.

According to the report’s leads, exposure to increased temperatures and the ensuing decrease in working hours have resulted in considerable income losses in services, manufacturing, agriculture, and construction.

The United States, which accounts for 25% of world emissions, came out on top, followed by the European Union with 22%. But just 3% of world emissions are attributable to India.

The report further read as follows, “G20 countries are in charge of over three-quarters of the world’s emissions and represent about 85% of the world’s GDP, 75% of its commerce, and 2/3 of its people.”

It further added that, “The G20 has a big duty to keep warming to 1.5 degrees Celsius. To help poor nations with their mitigation and adaptation efforts, wealthier countries should provide climate funding.,”

As per the 2022 report, the G20 members are still not taking the necessary level of accountability of action.