As global environmental agencies declared 2024 the hottest year on record and countries faced extreme weather events, India is no different.
The Economic Survey tabled in Parliament identified India as the seventh most vulnerable country to climate change, highlighting the country's susceptibility to extreme weather events, slow onset phenomena like sea-level rise, biodiversity loss, and growing water insecurity.
These challenges disproportionately affect developing nations like India, which bear the brunt of historical greenhouse gas emissions while lacking the resources for adequate adaptation.
"India faces challenges in deploying renewable energy, particularly due to a lack of storage technology and access to minerals. Given India's vulnerability to climate change, a strong adaptation strategy is essential," the Economic Survey stated.
The survey further pointed that India faces severe weather extremes, with 93% of days in 2024 marked by significant climate events such as heatwaves, cyclones, and floods.
These conditions threaten agricultural productivity and can lead to food inflation and social unrest. The economic impact is profound, with estimates suggesting that climate change could reduce India's GDP by 3% to 10% annually.
The Economic Survey, however, also highlighted that the Indian government has ramped up its adaptation expenditures from 3.7% to 5.6% of GDP between FY16 and FY22. This increase reflects a growing recognition of the need for robust climate resilience strategies.
Experts further warned that the $300 billion annual finance target set for climate adaptation by 2035 is insufficient compared to the estimated requirement of USD 5.1 to 6.8 trillion by 2030.
As part of its commitment to low-carbon growth, India aims for net-zero emissions by 2070, but achieving this goal requires innovative strategies and substantial investment in infrastructure.
Moreover, the survey highlights the disproportionate impact of climate change on women, particularly in rural areas where livelihoods are threatened. There is an increasing focus on self-help groups (SHGs) to create alternative livelihoods for women in sectors such as agriculture and micro-enterprises.