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

1 min read

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 (Group of 20 countries including India) & financed by sponsors that include World Bank

According to the report, carbon emissions from energy use rebounded by 5.9 % across G20 nations last year. It surpassed pre-pandemic levels, causing house income losses in the services, manufacturing, agriculture & construction sectors. The CT, an international partnership of organisations that provides an annual stocktake of G20 climate action – noted that the G20 support to produce fossil fuels reached new heights at $64 billion in 2020, even before the energy crisis brought about by Russia’s invasion of Ukraine.

Flagging how G20 members collectively undermine climate efforts, the report said these 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 warming limit enshrined in the Paris  Agreement.

Noting that the impacts of climate change will become more severe with increasing temperatures, it said 10% of the current population in India & Brazil would likely be affected by heatwaves in coming years as the average global temperature last year already reached about 1.1 degrees C above pre-industrial levels (1850-1900). At a projected 3-degree warming scenario under inadequate mitigation targets, this will likely increase to over 20% in Brazil & almost 30% in India.

The impacts of a changing climate in India are as follows :

  • Between 2017 to 2021, the average Tompkins. Experienced by people were 0. 4 degrees higher than the 1986- 2005 level.
  • In 2021, heat exposure led to the loss of 167 billion potential labour hours. (It recorded an increase of 39% from 1990- 1999 level)
  • Loss of earnings from heat-related labour capacity reduction in 2021: $159 billion ( 5.4% of GDP) – losses recorded in services, manufacturing  & agriculture sectors.

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%

It is alarming that carbon emissions have gone back to pre-pandemic levels. The trend only underscores the fact that while countries are paying lip service to environmental – moves, what they are doing on the ground is not enough. As the report shows, the extreme climate is also disastrous for businesses. Unfortunately, reports, studies & surveys can only point out hard trust. It is up to governments to take steps.

Govind Tekale

Govind is a retired teacher, but he always had a passion for current affairs and general knowledge. With a history of love/addiction for reading, Govind has switched to writing as a way to express his ideas and share essential information.

Leave a Reply

Your email address will not be published.

Latest from Blog