Consumption patterns need to change to bolster both economic and ecological growth in India: Minister Bhupendra Yadav

“There is no problem in consuming, but it should be mindful consumption so that India can grow economically and ecologically with sustainable environment,” Yadav said at the CII’s 19th Sustainability summit after launching the ‘Building Climate Resilience of the Indian Industry” report.

The study has developed a framework to assess and quantify climate risks for Indian businesses and their value chains. The framework is designed to help enterprises identify risks from floods, droughts, heatwaves, cyclones, and other phenomena caused by climate change and guide them in prioritizing appropriate adaptation actions across sectors and in different regions. Although primarily focused on industry, the framework can also form the foundation for a national strategy to assess and manage climate risks.

As outlined in the report, under the ongoing development of India's National Adaptation Plan (NAP), the relevant state departments could work with stakeholders towards the creation of a climate change adaptation taxonomy. This taxonomy could establish clear definitions on building adaptive capacity and climate resilience in the Indian context, along with setting specific project guidelines.

It would facilitate private sector adoption of adaptation practices, prioritize investments for building resilience and allow for greater public-private participation, eventually leading to building resilience at scale.

The study highlights the role of industry in bringing in private capital, conducting in-depth site-specific studies that allow for clarity in investments, and building resilient infrastructure. Initiatives such as the climate risk assessment framework provide the necessary tools for Indian industry to play its part and should be further encouraged for uptake through appropriate incentives.

Wheat productivity in Punjab was reduced by 13.5% compared to the productivity in 2020–21. The decline was primarily due to a sudden rise in minimum temperatures by 2.1–6.6°C and maximum temperatures by 2.6–6°C in March, which created unfavorable conditions for the crop, according to the Indian Council of Agricultural Research, 2023. The need of the hour is energy transition and to reduce carbon emission, at least $5 trillion is required, the minister said. As per the Paris agreement, developing economies promised to provide climate funding of $100 billion, which is too little for energy transition, and technological support to developing nations.

As the 29th edition approaches, scheduled in Baku between 11-22 November, new collective quantified goal on climate finance is being talked about.