Climate change may also pose threat to the economy, say researchers

Aug 13, 2018, 08:40 IST | Agencies

They call for greenhouse gas reduction and green financing to combat climate change threats

Climate change may also pose threat to the economy, say researchers
Commuters wade through a waterlogged street in Allahabad. Pic/AFP

With India too witnessing a change in its weather patterns, researchers believe climate change may not only challenge the country's conventional development pathways but also pose a serious threat to its economy.

Considering that climate change is the single biggest existential threat the country faces today, they say greenhouse gas reduction must happen immediately and call for green financing to combat climate change threats. The southwest monsoon rainfall in India has been below average in five of the last six years. And if the rainfall remains below average this season, it will be for the third consecutive year.

India Meteorological Department (IMD) data says the cumulative monsoon rainfall for the country from June 1 to August 8 was 10 per cent below the long-period average. According to a World Bank report in June, climate change could cost India 2.8 per cent of its GDP due to extreme weather events. The report estimates nearly half of India's population could face a degraded living standard by 2050.

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