New Delhi, November 12 (IANS). India will need an estimated $52 billion or about Rs 4.58 lakh crore on an annual basis to meet its urban climate adaptation needs. This information was given in a report on Wednesday.
From scorching heat to record-breaking monsoons, from increasing air pollution to unseasonal storms, climate change is being witnessed in urban India in a catastrophic manner.
A latest report from The Bridgespan Group in collaboration with United Way of Mumbai and HSBC India highlights opportunities to strengthen climate resilience in India’s vast informal sector. The informal sector of the country is the backbone of the economy and accounts of every city and accounts for 40 percent of India’s urban population.
The study examines how India’s informal workers and slum dwellers are responding to climate risks such as heatwaves, floods and air pollution.
Based on conversations with communities and experts, the report presents five practical investment ideas that can promote climate adaptation at the local level and attract additional public and private funding.
These are climate-smart housing modifications that improve heat resilience and energy efficiency; climate-indexed wage insurance, which stabilizes income during climate-related disruptions; Sustainable urban drainage systems that strengthen water security and reduce flooding; distributed renewable energy systems that provide reliable and affordable power in informal settlements; Climate resilient micro-entrepreneurship that expands green, indoor livelihoods and promotes innovation.
“We hope this report will serve as a starting point for founders and investors to work collaboratively to build a more climate-resilient future,” said Anant Bhagwati, Bridgespan partner and report co-author.
–IANS
SKT/