From taking lives to toppling ecosystems, the impact of global warming is burning the planet and a hole in the pockets of nations, especially developing countries like India.
With climate funding from developed nations are still in the works, here are 5 economic impacts of global warming on India:
Natural Calamity Damage Control
India experienced the worst natural calamities from 2020 to 2021, which are undeniably a direct impact of climate change. From cloud bursts & heavy monsoon, cyclones to drought – this unprecedented impact of global warming has left state governments struggling to pay for the damages caused by these natural calamities. This delays any plan of investing in long-term sustainable solutions, as funding goes towards repair & reconstruction.
Food & Water Insecurity
Another grave impact of global warming on India is the growth of enough food to go around. And natural calamities make this deteriorate. Flood & drought have reduced the number of consumable water sources and drowned or dried out food crops, pushing many to starvation as food & water prices become unaffordable. Overall, this would lower India’s health index and Gross Domestic Product (GDP), thereby discouraging foreign investment – a vital financial need to help India survive against the impact of climate change.
Rise In Real-Estate Costs
The impact of climate change damages aside, real-estate in the regions vulnerable to natural calamities have become expensive to maintain and insure, while buyers or renters remain scarce. Meanwhile, the regions less affected by the impact of global warming have become pricey, crowded, and fewer, making these regions densely populated, difficult to maintain in terms of finances, safety, traffic and more. Read more on Impact of Climate Change on Real Estate
Unaffordable Cost Of Living
One of the worst impacts of global warming on India is the unaffordability of basic cost of living (food, water, and shelter), even for those with a decent monthly income. This affects the lowest income groups, street vendors, small business owners and more as the impact of climate change escalates prices.
Rising Emigration
Eventually, the economic burden & impact of global warming on India falls on the shoulders of the better off. This often leaves them frustrated & looking to emigrate from India to nations that have better measures against the impact of global warming. But this takes tax money out of the Indian economy leaving the government in trouble.
Climate funding could help lower the economic impact of global warming on India so it can invest in long-term Net Zero & energy management solutions instead of just damage control.
Photo by Vitaly Vlasov from Pexels
