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According to the World Bank (WB) Report titled “Climatic Investment Activities in the Cold Sector of India,” India’s temperature is increasing every year and by 2030, more than 160-200 million people across the country will experience extreme heat waves every year.
- Due to reduced productivity due to heat stress, 34 million people in India will lose their jobs.
Effects of Heat
i.Food loss due to heat during transportation costs approximately $13 billion annually.
ii.A new greenhouse gas will be needed every 15 seconds by 2037, so the need for cooling is expected to be 8 times greater than that in 2022.
- This will result in a 435 % increase in annual greenhouse gas (GHG) emissions over the next 20 years.
Key Findings from the Report
i.According to the report “Climate Investment Opportunities in India’s Cooling Sector,” the transition to a more energy-efficient path will result in significant reductions in carbon dioxide (CO2) emissions projected over the next 20 years.
- It sets out a sustainable warming plan with the potential to cut 300 million tons of CO2 per year by 2040.
ii.If India’s temperature continues to rise due to climate change, keeping places cool with new and energy-efficient technology can be made $1.6 trillion investment opportunity by 2040.
- In addition, this has the potential to generate approximately 3.7 million jobs and significantly reduce GHG emissions.
India plans to help people adapt to rising temperatures
i.The Refrigeration Action Plan of India (ICAP) was launched in 2019 by the Ministry of Environment, Forests and Climate Change (MoEF&CC) to provide cooling solutions across various sectors.
- It includes air conditioning in passenger vehicles, heating in buildings, cold chain and refrigeration in agricultural and medical sectors.
ii.ICAP gives an error 20 years view (2017-18 to 2037-38) and recommendations to address cooling needs across sectors.
- The aim is to cut cooling demand by 25% by 2037-38.
iii.Now 2047India plans to phase out the production and use of ozone-depleting hydrochlorofluorocarbons (HCFC), which is used for heating in air conditioners and refrigerators.
i.The report recommends a roadmap to help ICAP’s new investments in 3 key areas: building, cold chains, and refrigerators.
ii.of India Pradhan Mantri Awas Yojana (PMAY), an affordable housing scheme for the poor, can use air-responsive cooling technologies in private and government funded projects.
- This will help ensure that people at the bottom of the economic scale are not affected by rising temperatures.
iii.This can increase the government’s target of building 11 million urban houses and 29 million rural houses.
According to the 7th Lancet Report of ‘Lancet Countdown on health and climate change: health at the mercy of fossil fuels’India lost an estimated 167.2 billion working hours in 2021 due to the heat wave resulting in economic losses equivalent to 5.4% of India’s GDP (Gross Domestic Product), the highest among the G20 countries in 2021.
For the World Bank (WB):
Global Development (IDA) and the World Bank for Reconstruction and Development (IBRD) in the World Bank (WB).
President (Team WB) – David Malpass
Headquarters – Washington DC, United States (US)
The establishment – 1944