India’s Environment Minister Bhupendra Yadav has underscored the critical need for a transformation in consumption patterns to foster economic growth without compromising the environment. Addressing the CII’s 19th Sustainability Summit, Yadav stated, “There is no problem in consuming, but it should be mindful consumption so that India can grow economically and ecologically with a sustainable environment.” He emphasized the importance of a shift towards responsible consumption and outlined a seven-point plan for achieving this goal: saving food, water, and energy; converting waste to energy; managing e-waste; promoting a healthy lifestyle; and implementing a complete ban on single-use plastic. Yadav stressed that these changes can be achieved through policy interventions in research, market dynamics, and skill development, ensuring the sustainability of the economy, social equity, and the environment.
To bolster resilience against climate change, the minister highlighted the release of the “Building Climate Resilience of the Indian Industry” report. This comprehensive study proposes a framework for assessing and quantifying climate risks for Indian businesses and their supply chains. The framework, designed to aid enterprises in identifying risks from floods, droughts, heatwaves, cyclones, and other climate-related phenomena, can guide them in prioritizing adaptation actions across sectors and regions. Although primarily focused on industry, the framework can also serve as the foundation for a national strategy for managing climate risks.
The report emphasizes the establishment of a climate change adaptation taxonomy as part of India’s National Adaptation Plan (NAP). This taxonomy would provide clear definitions for building adaptive capacity and climate resilience within the Indian context, establish specific project guidelines, facilitate private sector adoption of adaptation practices, prioritize investments in resilience, and encourage greater public-private participation. Ultimately, the aim is to foster resilience at scale.
The study also underscores the vital role of industry in attracting private capital, conducting in-depth site-specific studies, and building resilient infrastructure. Initiatives like the climate risk assessment framework provide crucial tools for Indian industry to contribute actively to climate adaptation and should be promoted through appropriate incentives.
India stands at a pivotal moment, facing the dual challenges of mitigating climate change and adapting to its unavoidable impacts. While India’s commitment to achieving net-zero emissions by 2070 marks a significant milestone, the urgency of prioritizing adaptation measures to build industry-wide resilience is equally crucial.
Studies reveal a significant increase in extreme weather events in India from 1970 to 2019. The country has witnessed 280 heatwave days, leading to urban flooding, decreased agricultural productivity, and power outages. A study on terminal heat stress for crops indicates that during the year 2021-22, the impact of heat stress was particularly evident in key wheat-growing states, including Punjab, Haryana, Uttar Pradesh, Uttarakhand, and Rajasthan. Wheat productivity in Punjab declined by 13.5% compared to the previous year, primarily due to a sudden rise in minimum and maximum temperatures in March, creating unfavorable conditions for the crop.
Yadav emphasized the need for an energy transition and the reduction of carbon emissions, stating that a minimum of $5 trillion is required for this transition. As per the Paris Agreement, developing economies pledged to provide climate funding of $100 billion, which falls short of the substantial financial requirements for energy transition and technological support to developing nations. With the 29th edition of the UN Climate Change Conference (COP29) approaching in Baku from November 11 to 22, discussions are underway regarding new collective quantified goals for climate finance.
