Adapting to climate change to cost India ₹85.6 lakh crore by 2030

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Last Updated05/05/2023

The cumulative total expenditure for adapting to climate change in India is estimated to reach ₹85.6 lakh crore (at 2011-12 prices) by 2030.
It is being said in the Reserve Bank of India’s (RBI) Department of Economic and Policy Research (DEPR) Report on Currency & Finance 2022-23.

The theme of the report is ‘Towards a Greener Cleaner India’.
India’s goal of achieving the net zero target by 2070 would require an accelerated reduction in the energy intensity of GDP by about 5% annually
It will also need a significant improvement in its energy-mix in favour of renewables to about 80% by 2070-71
India’s green financing requirement is estimated to be at least 2.5% of GDP annually till 2030 to address the infrastructure gap caused by climate events
The financial system may have to mobilise adequate resources and also reallocate current resources to contribute effectively to the country’s net-zero target
Results of a climate stress-test reveal that public sector banks (PSBs) may be more vulnerable than private sector banks.
Globally, however, measurement of climate-related financial risks remains a work in progress.