Why the staggering costs of climate change on India are much more than monetary losses
Indiaranked fifth in the world in terms of absolute losses due to climate change.
- India’s monetary losses stood at a fraction of costs seen by US and China.
- The human costs on climate change on India could be much worse.
According to the study by the UN Office for Disaster Risk Reduction, as a lower-middle income country, economic losses mean “crippling consequences” for future development. An alarming number of people are now internally displaced every year by extreme weather events and climate-related disasters often losing their homes and their livelihoods, the report has pointed out.
Economic disasters and poverty are closely tied. According to
Floods were the most frequent types of disaster, making up 43% of all recorded events in the past 20 years.
India has been seeing an increasing number of extreme weather events such as floods in recent years. According to a study by the
A global problem
High income countries including the the US have fared much worse in terms of absolue economic losses partly due to high asset values and frequency of disaster events.
India’s losses in monetary terms seem only a fraction of those seen by the US and China with the US posting the biggest losses ($945 billion), double of that seen by China at $492 billion.
Globally, climate-related disasters contributed to $2.2 trillion in losses, more than two-thirds (77%) of all reported losses including other natural geophysical disasters.
The study comes in the wake of another major report by the UN earlier this week which warned of
China, the European Union and the US account for more than half of total global greenhouse emissions as of 2013, according to data from the World Resources Institute. India contributed to 6.67% of global emissions with energy from fossil fuels being the largest source.