Report saysIndia needs $1 Trillion by 2030 to tackle climate change

A new report has said that the India needs as much as $1 Trillion by the year 2030 in order to control the climate changes.

During the ongoing 21st conference of Parties on Climate Change, a key decision was made regarding climate finance. The global leaders have decided that there are 48 countries that require around $1 Trillion by 2030 to control the climate changes.The Least-Developed Countries (LDCs) have submitted a plan for the new UN deal to control global warming and estimates show costs over $93 billion a year from 2020.

India is leading the fight for the developing world in urging the developed countries to increase funding for adaptation and technology development in developing countries. The estimate showed that India needs $360 billion in financing to adapt to climate change during the coming 15 years. Estimates showed that $1 trillion is needed to include technology, institutional and capacity building.

The new report titled, Climate Change and India Adaptation Gap (2015) – A Preliminary Assessment, studied the extreme weather events in the previous 14 years and found there were 131 instances of major flooding, 51 instances of cyclones and 26 instances of heat and cold waves and three instances of major drought, according to Vimal Mishra, assistant professor of civil engineering and author of the report.

Mishra said, “Developed countries should take some sort of responsibility. We estimate on the basis of what the government is spending. India is agreeing to reduce 30%-35% emissions intensity and that is a very big commitment. $1 trillion is the high-end ball-park number which India may need in the worst case scenario in 2030.”

Experts said that India overall budget has increased four times in the previous decade for climate change. The government is backing large plans to curb their emissions from 2020 by shifting to renewable power sources.