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According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

<ul><li>India would have to dedicate 5.9% of its GDP towards climate finance. </li><li>A key challenge for India would be land availability as the report pegs that it will need 45 million hectares of land than it has, towards its green initiatives. </li><li>Over three-fourths of India of 2050 is yet to be built, thus green policies need to be proactively put in place, the report says. </li></ul>India will need to invest an estimated $12.1 trillion by 2050 to achieve carbon neutrality, says McKinsey &amp; Company report on ‘Decarbonising India’. This would require the country to dedicate 5.9% of GDP towards climate finance, said the report released on Thursday. “India will need an estimated $7.2 trillion of green investments until 2050 to decarbonise in the LoS (line of sight) scenario and an additional $4.9 trillion for the ‘Accelerated’ scenario (about 3.5 percent and 2.4 percent of India’s GDP through this period respectively). 50 percent of the investment required for decarbonisation is economically viable, particularly across renewable energy, auto and agriculture; others would need policy support,” the report said. The report comes on the heels of the 27th Conference of the Parties (<keyword id="12515304" type="General" weightage="20" keywordseo="cop27" source="Orion">COP27</keyword>) by the United Nations, scheduled to be held from 6-18th November in Egypt, this year. Over three-fourths of India of 2050 and 80% of India of 2070, is yet to be built. The next set of policies across key sectors like power, cement and agriculture will determine whether India can effectively contribute to a carbon-free world. India is the world’s third largest emitter, creating 2.9 gigatonnes of carbon dioxide every year, which is 4.9 percent of annual global emissions, the report states. If this goes unchecked, India has the potential to generate 11.8 gigatonnes of carbon dioxide per year by 2050. “Right policies, set up now, will enable India to add low carbon capacity in the next two decades thereafter,” claimed McKinsey. Five sectors which contribute to roughly 70 percent of India’s overall emissions are power, transportation, steel, cement and agriculture. The primary driver of carbon emissions in India is the power sector (coal, oil, gas) which accounted for 34% emissions. This was followed by agriculture (18%), primarily methane from cattle and rice cultivation. Other key emitters include transport (9%), water waste (6.2%) and buildings (4.5%). “Boldness in sustainable investments helps. This is what happened with the gradually increasing adoption of electric vehicles and solar energy. Even though coal mining districts of India will lose employment, construction jobs will increase and new renewable energy sectors will pop up, generating at least 30 million jobs,” said Rajat Gupta, Asia leader of the Sustainability Practice, McKinsey &amp; Company, who was also part of the core team that contributed to the national solar mission. Indian sustainability initiatives have also reaped results. “Tailwinds like reducing costs of renewables, EVs and progressive policies exist, e.g., the implicit carbon tax on transportation fuels of $140 to 240/tCO₂e is helping the electrification of mobility,” the report said. Key challenges towards India’s green future The plan has many challenges that go beyond policies and investments. India will need 45 million hectares more land than that’s available to drive its green initiatives. There is an increasing need to optimise current land use. In automotive, 100% of two wheelers, three wheelers and light truck sales may need to be electric early in the next decade. All car sales would have to be electric by 2035 and trucks by 2050. The pace of renewable capacity addition needs to pick up – from 10 gigawatts to 40-50 gigawatts per year and green steel needs to become competitive. Moreso, battery costs will have to decline by 40% by 2030, green hydrogen by two-thirds by 2035. Farmers have to adopt new practices for rice cultivation, the report reveals. The shift to sustainable-farming practices however could help generate additional farmer income of ₹3,400 per hectare per year, as per the line of sight scenario, the report calculated. “We need to intensify our efforts towards building more urban forests but also make our current forest more dense. Higher adoption of electric vehicles and green hydrogen are needed. Use of carbon tax especially in the steel sector is needed towards making greener investments in India,” said Divy Malik, Associate Partner at McKinsey &amp; Company. The shift towards greener alternatives however will help it reap monetary benefits too. India can save $1.7 trillion in forex which would otherwise be spent on energy imports (oil and coking coal) till 2070, adds the report. Moreover, it also holds the potential to become a manufacturing and R&amp;D base for cleantech like EVs, batteries and electrolysers.

India needs to invest $12.1 trillion to achieve carbon neutrality by 2050: McKinsey

The European Union's plan to impose a tax on the <keyword id="435302" type="General" weightage="20" keywordseo="carbon-pollution" source="Orion">carbon pollution</keyword> emitted to make goods imported from countries like India and China has sparked a debate at the United Nations climate conference in Dubai, as poorer countries argue that the tax will harm livelihoods and economic growth. Known as the Carbon Border Adjustment Mechanism, the tax wants to set a price on the carbon emitted to make energy-intensive products like iron, steel, cement, fertilizers and aluminium in non-EU countries. The <keyword id="6355123" type="General" weightage="20" keywordseo="eu" source="Orion">EU</keyword> says this creates a level-playing field for domestically-manufactured goods that have to adhere to stricter green standards and also reduces emissions from imports. But other nations, particularly developing countries, are worried this would harm their economies and make it too expensive to trade with the bloc. "CBAM's sole aim is to prevent carbon leakage" elsewhere in the supply chain, European Commissioner Wopke Hoekstra said at a press conference at COP28. He said the tax is crucial for funding and achieving the bloc's climate goal of slashing emissions 55% by 2030. A recent study by the United Nations Conference on Trade and Development found that a tax of USD 44 per tonnes of carbon emitted would slash pollution from the supply chain by half. It also estimated that rich countries would make USD 2.5 billion from the tax, but poorer countries might lose up to USD 5.9 billion. The EU already caps emissions from industries that operate within its 27 countries and lets them buy "allowances" if they exceed their carbon pollution limits. Without a <keyword id="78459" type="General" weightage="20" keywordseo="carbon-tax" source="Orion">carbon tax</keyword> on imports, the fear is that the EU's emissions cap will push industries to other nations outside the bloc that have looser rules around greenhouse gas emissions. Countries like the United States and Canada are also considering their own versions of a carbon tax, which some worry could "overwhelm" developing countries. India's government is one of those strongly opposed to the idea. India's former steel secretary Aruna Sharma urged the government to continue to oppose the tax but said industries do need to invest in lowering their carbon footprint for both exports and domestic goods. Other nations could also take a hit. Mohamed Adow, the founder-director of Power Shift Africa, an independent think tank based in Kenya, called carbon taxes a "trade weapon" that could negatively affect Africa. The tax could "lead to a loss of trade revenue amounting to at least USD 25 billion for the continent," he said. "This issue is a significant concern in international climate politics. It's not going away, and lives are at stake," said Li Shuo, director of China Climate Hub at the Asia Society Policy Institute. There's also a technical concern: Vaibhav Chaturvedi, a research fellow at the Council on Energy, Environment and Water in New Delhi, said that under the UN climate change rules, countries cannot dictate how others should reduce emissions. Carbon taxes go against that rule, he said. Trade and climate policy experts say many developing countries fear being shut out of Western markets because they won't be able to clean up their businesses fast enough. They also worry about being caught in conflicts between China and the West, with China seen as the primary target of the EU's carbon tax. But K R Raghunath, founder of clean energy solutions company KIS group, said that even though a carbon tax could be "painful" for some countries in the short-term, it will still have a positive impact because it will reduce planet-warming emissions. "It will be good for everyone in the long run," he said. "Ultimately, everybody has to reduce their carbon emissions."

Carbon tax turns into climate fight at COP28

The 2023 <keyword id="6355833" type="General" weightage="20" keywordseo="united-nations" source="Orion">United Nations</keyword> Climate Change Conference or Conference of the Parties (<keyword id="12458056" type="General" weightage="20" keywordseo="cop28" source="Orion">COP28</keyword>), is set to kick off in <keyword id="6354539" type="General" weightage="20" keywordseo="dubai" source="Orion">Dubai</keyword> on Thursday, where the host country is hoping to land a deal on the tripling of renewable energy and double the energy efficiency improvement rate by 2030. The negotiations are expected to be focused on phasing out <keyword id="181402" type="General" weightage="20" keywordseo="fossil-fuels" source="Orion">fossil fuels</keyword>, a gap in climate finance and the framework for the Global Goal on Adaptation at COP28. COP28 is the UN's latest round of global climate talks. This year, it is being hosted by the UAE in Dubai and is due to be attended by 167 world leaders, including the Pope and King Charles III. The energy transition will be the central theme around COP28, which will take place between November 30 and December 12, 2023, in Dubai on the occasion of the twenty-eighth United Nations Conference on Climate Change (COP28). This year's <keyword id="21084" type="General" weightage="20" keywordseo="summit" source="Orion">summit</keyword> is crucial as it comes against the background of climate urgency and the experts are making a clarion call of now or never. It's been an unprecedented year in terms of climate disaster, with the world experiencing its hottest 12 months on record. Around 70,000 people are expected to attend the event this year. 2023 has seen several crunch summits and conferences trying to tackle the climate crisis. Key moments included the G7, the G20, and the UN Climate Ambition Summit. The gap in climate finance and the ongoing discussions around the reform of multilateral financial institutions are likely to remain a priority during the summit. The UAE has announced it will work with COP28 participants to triple the world's renewable energy capacity and renewable power generation capacity and double the energy efficiency improvement rate by 2030. This would build on the agreement already made at the G20 in India this year. Negotiators are also hoping to launch the framework for the Global Goal on Adaptation at COP28, meaning they hope to agree to various aspects of the framework, including its purpose, principles, dimensions, themes, cross-cutting considerations, sources, and targets. COP28 could be a turning point to close the growing adaptation financial gap. The expected outcome at COP28 on loss and damage is the 'operationalisation' of the fund. Since COP27, there have been five meetings of the Transitional Committee, which has been tasked with making recommendations for COP28. India is not mincing words about its energy security needs and reliance on coal to meet its peak power demand, which crossed 240 GW this year. India's coal production has seen a considerable increase in the last 10 years. From about 565.7 MT in 2013-14, it has reached 893.08 MT in 2022-23. It is expected to touch 1,012 MT by 2023-24 and 1.5 billion tonnes by 2030. It has been acknowledged by both private and public sector experts that the environmental impacts associated with underground coal mines are lesser when compared to opencast mines; the increase in coal production has largely come from opencast mines. It is held that opencast coal mines often result in deforestation, displacement and pollution issues. In the last 10 years, the share of underground coal mines in India's total coal production has come down from close to 9 per cent in 2013-14 to about 4 per cent in 2022-23. While India is transitioning to a larger share of clean energy sources, it needs to source finance to support the development of green energy corridors and an improved grid infrastructure to support the growth. The G20 New Delhi Leaders Declaration has underlined the need for USD 5.8-5.9 trillion in the pre-2030 period for developing countries to meet the net zero target Experts have signalled that it is time for action COP28 needs to be the moment we set a date for the phase-out of fossil fuels Alex Scott, Climate Diplomacy and Geopolitics Programme Lead E3G said, "COP28 will see 193 governments negotiate a joint response to the dismal report card they received in the first global stocktake of climate action. They could chart a hopeful way out of this climate crisis even as multiple other crises and conflicts hit. If they can muster the leadership and put aside the green rhetoric." Mohamed Adow, Director at Power Shift Africa, believes if ever there was a moment for a UN summit to respond to the signals the climate is sending us, this is it. "It seems perverse to be holding a climate summit in one of the world's biggest oil producers, but what more fitting place to call time on the fossil fuel era that has caused this climate catastrophe and prepare the way for a future powered by renewables?" Adow added. COP 28 is an opportunity to identify global solutions for limiting global temperature rise to 1.5 degrees, inform countries' preparations for revised and more ambitious Nationally Determined Contributions (national climate plans) due by 2025, accelerate the green transition. Through the Green Zone, the COP28 UAE Presidency offers the private sector the opportunity to showcase their contributions and solutions to the global climate challenge.

COP28 set to kick off from Nov 30 — UAE hopeful for deal on renewable energy tripling, doubling energy efficiency

<ul><li>India suffered an economic loss of $37 billion due to <keyword id="6361617" type="UNKNOWN" weightage="20" keywordseo="climate-change">climate change</keyword> in 2018 alone. </li><li>India is among the top 5 countries most affected by climate change in 2018. Japan lead the pact, followed by the Philippines and Germany. </li><li>Moreover, heat stress will force India to lose 5.8% of its working hours by 2030 with agriculture and construction sector suffering the most. </li></ul>India suffered an economic loss of $37 billion due to climate change in 2018, according to <a href="https://germanwatch.org/sites/germanwatch.org/files/20-2-01e%20Global%20Climate%20Risk%20Index%202020_10.pdf">a Global Climate Risk Index 2020. </a>The economic loss is nearly twice than what India <a href="https://www.unisdr.org/files/61119_credeconomiclosses.pdf">lost ($79.5 billion) between 1998-2017. </a> India ranked 5th in the top 10 countries most affected by climate change in 2018. Japan lead the pact, followed by the Philippines, Germany, and Madagascar, <a href="https://www.businessinsider.in/science/environment/news/global-carbon-emissions-will-increase-by-0-6-in-2019/articleshow/72379812.cms">said the report.</a> Over the past five years, India has always suffered one of the five highest economic losses because of climate change, <a href="https://www.indiaspend.com/india-5th-most-vulnerable-to-climate-change-fallouts-its-poor-the-worst-hit/">reported India spend. </a> Top 5 most-affected countries by climate change <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ranking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Country </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Death toll </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Absolute losses (in million US $ PPP) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Japan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1282 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35839.34 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Philippines </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">455 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4547.27 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Germany </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1246 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5038.62 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Madagascar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">568.10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2081 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37807.82 </td></tr></tbody></table>Credits: Global Climate Risk Index 2020. Apart from economic losses, India also witnessed the most number of deaths due to extreme weather conditions. India registered 2081 deaths because of climate change In 2018, India saw 2,081 deaths — the highest in the world — because of extreme weather events like cyclones, floods, landslides, etc. India is vulnerable to climate change particularly because of low per capita income, rising social inequality, and great dependency on agriculture for livelihoods. According to the report, the worst hit regions were also the poorest ones. “The yearly monsoon season, lasting from June to September, severely affected India in 2018,” <a href="https://germanwatch.org/sites/germanwatch.org/files/20-2-01e%20Global%20Climate%20Risk%20Index%202020_10.pdf">said the report</a>. For instance, <a href="https://www.businessinsider.in/after-massive-floods-kerala-now-faces-the-possibility-of-a-partial-drought/articleshow/65779424.cms">Kerala floods</a> — the worst in 100 years — in 2018 took 324 lives, damaged 20,000 houses and 80 dams. As many as 220,000 people were forced to migrate. The losses due to floods amounted to US $2.8 billion.Separately in October and November 2018, Title and Gaja killed 8 people and affected 450,000 people. Furthermore, India is also among the most affected countries by heatwaves. In 2019, several cities registered temperatures above 50°C. Chennai, a city with over a million people, <a href="https://www.businessinsider.in/chennai-gets-monsoon-showers-but-its-too-little-to-solve-the-water-crisis/articleshow/70342615.cms">ran out of water and had to take external help. </a> <div type="image" title="Chennai: A train of 50 wagons filled with water from Jolarpet arrives at Chennai..." msid="72437171" hostid="261" caption="&amp;lt;p&amp;gt;A train of 50 wagons filled with water from Jolarpet arrives at Chennai. Chennai has been grappling with an acute water crisis over the past four months. The southern metropolis is facing a daily water deficit of at least 200 million litres, and the four reservoirs supplying to the city have run dry.Photo/R Senthil Kumar)(&amp;lt;/p&amp;gt;"></div>

 Heat stress will force India to lose 5.8% of its working hours by 2030. It is equivalent to slashing 34 million out of the 80 million full-time jobs world wide. Agriculture and construction sector in India will suffer the most because of this, the report said. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/global-carbon-emissions-will-increase-by-0-6-in-2019/articleshow/72379812.cms">The relatively small upside of India's economic slowdown</a>

Climate change cost India over 2000 lives and $37 billion in just a year

Coronavirus cases in India rise to 151,767 on May 27— with 54% active cases and 42% recovered

<ul><li>The top four emitters in 2017 were China, European Union, India and the US. </li><li>India accounts for 6.6% of global emissions in 2017. </li></ul>India is the fourth highest emitter of carbon dioxide in the world, accounting for 6.6% of global emissions in 2017, according to <keyword id="59149" type="ORGANIZATION" weightage="20" keywordseo="European-Commission">European Commission</keyword> Emission Database for Global Atmospheric Research. The top four emitters which covered 58% of global emissions were China (27%), the US (15%), the European Union (10%) and India (7%), according to the projection by the Global Carbon Project. The rest of the world contributed to 41% last year, it said. 
 
 
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 In order to stall <keyword id="6366055" type="UNKNOWN" weightage="20" keywordseo="global-warming">global warming</keyword> and its disastrous effects-- carbon emissions must dip to zero, experts say. However, none of the top 10 countries are on track to meet the climate goals — except for India, <a href="https://www.downtoearth.org.in/news/climate-change/climate-emergency-cop-25-india-is-the-only-major-economy-to-be-2-degree-compatible--68007">said the UN. </a>India was rated two degrees compatible at <keyword id="8276699" type="UNKNOWN" weightage="20" keywordseo="cop25">COP25</keyword> event in <keyword id="6377" type="LOCATION" weightage="20" keywordseo="Madrid">Madrid</keyword>. It means that if all the countries follow the footsteps of India-- it could arrest the average global temperature rise by 2°C by 2100. The event organised by the UN is bringing together 200 nations <a href="http://onment/news/25000-people-from-200-countries-are-getting-together-in-madrid-to-fight-climate-change/articleshow/72327903.cms">to agree on climate change goals.</a> India had earlier asserted that developed countries should step up to fulfil their climate finance commitments by mobilising $100 billion per annum by 2020 to informed parties. "The developing world isn't really going to act seriously on reducing emissions until the developed world steps up and starts leading the way," said Noah Kaufman, a research scholar at <keyword id="127671" type="COMPANY" weightage="20" keywordseo="Columbia-University">Columbia University</keyword>'s Center on Global Energy Policy. 
 
 <div type="Article" hostid="261" msid="72327903" title="25,000 people from 200 countries are getting together in Madrid to fight climate change" mstype="2" mssubtype="0"></div>

​India comes next only to EU in CO2 emissions — and is the world’s fourth largest polluter

Last week, the Chinese government released data which showed that new home prices fell at their fastest rate in over seven years, while property sales measured by floor area fell for a 15th straight month in October. Based on data from the National Bureau of Statistics of <keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword>, for the year-to-date period till October, investment in real estate development fell 8.8 per cent compared with the same period in the previous year, commercial floor space sold dropped 22.3 per cent, while revenue from commercial buildings sold plummeted 26.1 per cent. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, the property price index has been growing steadily in the past few years. The All India House Price Index (HPI) published by the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) grew at an annual rate of 3.5 per cent for the quarter which ended in June (Q1: 2022-23), expanding 1.8 per cent compared with the previous quarter. Although China is now taking measures to revive its property sector, real estate investment firms like Singapore's CapitaLand Investment (CLI) which has a third of its assets in China are looking to diversify their portfolio. Vietnam and India were cited by CLI as possible destinations for future investments. With the property sector accounting for about a quarter of China's USD17 trillion economy, concerned Chinese authorities have been introducing measures over the past months to inject confidence back into collapsing sector. Earlier in November, in the most comprehensive rescue package for the sector, since it was hit by a debt crisis last year, regulators unveiled 16 supportive measures mainly aimed at boosting liquidity for developers. Key measures include allowing banks to extend maturing loans to developers, supporting property sales by reducing the size of down payments and cutting mortgage rates, boosting other funding channels such as bond issues, and ensuring the delivery of pre-sold homes to buyers. Some analysts say that the support measures are the strongest signal yet that the two-year clampdown on the property sector is over. Chief China economist at UBS, Tao Wang, told CNN that the package of measures is a "turning point" for China's property sector. Along with other policies announced earlier this year, she estimates that it could inject more than 1 trillion yuan (USD 142 billion) into real estate. The Chinese government began trying to rein in excessive borrowing by developers to control soaring house prices in August 2020. This move unsettled the property market as the nation's second-largest developer, Evergrande, defaulted on its debt. As the property sector crashed, several major companies sought protection from their creditors. The cash crunch meant that work on many pre-sold housing projects across the country was delayed or suspended. The Chinese property sector was hit hard as developers lurched from crisis to crisis and halted the construction of apartments as they ran out of money. Property prices and transactions decline. Besides the mounting debt among developers, China's strict COVID policies amid rising coronavirus cases impacted manufacturing and consumer spending. The crisis took a turn for the worse in the middle of this year when angry home buyers refused to pay mortgages on unfinished homes, sparking fears of contagion, and causing financial markets to be spooked. Since then, authorities have tried to defuse the crisis by urging banks to increase loan support for developers so that they can complete projects. Regulators have also cut interest rates in a bid to restore buyer confidence. Based on data from the National Bureau of Statistics of China, average new home prices in China's 70 major cities dropped by 1.6 per cent year-on-year in October 2022, after a 1.5 per cent decline a month earlier. It was the sixth straight month of decrease in new home prices, the steepest pace in the sequence, and the fastest fall since August 2015. Sales by the 100 biggest real estate developers shrank 26.5 per cent from a year ago in October, according to a private survey by China Index Academy, a real estate research firm. So far this year, their sales have tumbled by 43 per cent. While welcoming the government's property support measures, analysts remained cautious about the impact it would have on buyer confidence. "The property market has yet to show signs of recovery," said Nomura analysts in a research report last week, adding that the latest measures may have "little direct impact" on stimulating home purchases, adding that the zero-COVID strategy will weigh on the sector. Although it is felt that measures are supportive of the property market, bankers and analysts say they only address the property market's supply problems, with the demand recovery still a key concern. Many people are still reluctant to upgrade their homes or buy new ones due to economic uncertainty and falling employment. Despite the current doom and gloom, one company that is confident in the long-term future of the Chinese property market is Singapore's CapitaLand Investment (CLI). It has about a third of its overall property portfolio, which are mostly non-residential commercial real estate, in China at the moment. In an interview with Nikkei Asia, CLI said it plans to diversify its portfolio and is looking out for investment opportunities in Vietnam and India. The aim is to build resilience in areas like supply chain and energy amid shocks to globalisation seen during the COVID-19 pandemic. CLI whose largest shareholder is Singapore state-owned investor Temasek Holdings is one of Asia's largest real estate investment managers with USD 90 billion worth of property assets and USD 63 billion in funds under management "We would love to do more in Vietnam, we are already very active in India," said Chief Financial Officer Andrew Lim to Nikkei. "What recent events have told us is that it's probably dangerous to put all your eggs in one basket... in an era when globalisation is increasingly being put to the test. Lim thinks that Vietnam in the post-COVID era will emerge as an important destination for capital, especially regarding manufacturing. Whereas India has tremendous solar resources. "These are markets if you are looking for energy redundancy, energy resilience, renewable energy sources, suddenly it becomes important from that perspective." (ANI) SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-in-the-red-tracking-covid-19-concerns-in-asian-markets-tata-steel-tata-motors-zomato-and-others-in-focus/articleshow/95649915.cms">Indian markets open in the red tracking Covid-19 concerns in China – Tata Steel, Tata Motors, Zomato and others in focus</a> <a href="https://www.businessinsider.in/sustainability/news/the-world-waited-far-too-long-for-this-says-india-after-cop27-ends-with-historic-compensation-fund/articleshow/95649834.cms">The world waited far too long for this, says India after COP27 ends with historic compensation fund</a> <a href="https://www.businessinsider.in/stock-market/news/markets-reward-psbs-push-up-their-market-caps/articleshow/95639716.cms">Markets reward PSBs, push up their market caps</a>

You Searched For "india cop27" and got 8 results

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You Searched For "india cop27" and got 8 results

India provided more climate finance in 2022 than many rich nations, noted recent report

PTI

India needs to invest $12.1 trillion to achieve carbon neutrality by 2050: McKinsey

Eetika Kapoor

Carbon tax turns into climate fight at COP28

PTI

COP28 set to kick off from Nov 30 — UAE hopeful for deal on renewable energy tripling, doubling energy efficiency

ANI

Climate change cost India over 2000 lives and $37 billion in just a year

Preeti Soni

Coronavirus cases in India rise to 151,767 on May 27— with 54% active cases and 42% recovered

Navdeep Yadav

​India comes next only to EU in CO2 emissions — and is the world’s fourth largest polluter

BI India Bureau

As the property market continues to slump in China, are property investors turning to India?

ANI

Popular Keywords

Buying Guides

India comes next only to EU in CO2 emissions — and is the world’s fourth largest polluter