According to a report from the Asian Development Bank (ADB), India could experience the worst consequences of climate change among the Asian economies. However, the report also highlights that the coordinated adoption of a net-zero approach could outweigh the costs of mitigation.
ADB’s chief economist, Albert Park, stated that transitioning to policies such as carbon pricing is necessary for developing Asia. The report emphasizes that climate change could result in a loss of 35% of gross domestic product (GDP) by 2100 for India under a high emissions scenario, in contrast to 24% for the whole of developing Asia. Furthermore, agricultural yields in India could decrease by 18% by 2070.
According to the report, decarbonizing the power sector is crucial for reducing emissions. The report also highlighted the need for annual investments equivalent to 2.6-2.7% of GDP to transform energy sources.
