India Lose $159 Billion In 2021 Due To Heat Related Earning Losses, Worse Among G20 Nations

India is the worst affected among G20 nations by carbon emission-induced rise in temperatures, losing $159 billion ( 5.4% of its GDP ) in 2021 due to labour capacity reduction caused by extreme heat

This is revealed in a report by Climate Transparency (CT), commissioned by G20 countries & financed by sponsors that include the World Bank

According to the report, carbon emissions from energy use rebounded by 5.9 % across G20 nations last year and surpassed pre-pandemic levels, causing house income losses in services, manufacturing, agriculture & construction sectors

With G20 support fossil fuel production crossed $64 billion in 2020 way before the energy crisis due to conflict in Ukraine

As per the report G20  nations recorded high emissions in the energy sector despite warnings from the IPCC that the countries must have emissions by 2030 to keep the 1.5 degrees warning limit enshrined in the Paris Agreement

10% of the current population in India & Brazil will likely be affected by heatwaves in coming years as the average global temperature last year already reached about 1.1 degree C above pre- industrial levels (1850-1900)

At a projected 3 degree of warming scenario under inadequate mitigation targets, this will likely increase to over 20% in Brazil & almost 30% in India

 Top five G20 countries in terms of % loss Of GDP - 2021: 1. India - 5.4% 2. Indonesia - 1.6% 3. Saudi Arabia - 1% 4. China - 0.9% 5. Brazil - 0.7%

Extreme climate is also disastrous for business, the trend only suggests that countries are paying lip service towards environmental moves & doing fair too less on the ground

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