India Could Attract $1.6 Trillion for Developing Technology to Tackle Climate Change
The steadily rising temperatures due to climate change could create investment opportunities worth $1.6 trillion by 2040 in alternative and innovative energy-efficient technologies used to keep spaces cool, a new study by the World Bank said. The report noted that the temperature in India has been on the rise every year, and by 2030, over 160-200 million people across the country could be exposed to fatal heat waves.
"The right set of policy actions and public investments can help leverage large-scale private investment in this sector. We recommend that these moves be accelerated by creating a flagship government mission to address the challenges and opportunities from rising temperatures in India," said the authors of the report, Abhas K. Jha, Practice Manager, Climate and Disaster Risk Management, South Asia and Mehul Jain, Climate Change Specialist, World Bank. The report also noted the strategies deployed by India, such as the India Cooling Action Plan, to provide sustainable cooling measures across various sectors. The recently concluded COP27 noted that an investment of up to $4 trillion annually in renewable energy is required to achieve net zero emissions by 2050. A recent report by the World Meteorological Organization also indicated that the supply of clean energy must double until 2029 to help limit the global temperature rise to 1.5 degrees Celsius.