Every other day, we see the newspapers flooded with headlines of climate catastrophes and how climate change has an affinity to increase dramatically in the coming years. According to RBI’s latest report on Currency & Finance 2022-23, the Indian economy could lose 2.8% of its GDP and deflate the living standards of half of its population by 2050, because of its potentially lost labour hours from increasing heat.
The spiral of climate change happens at an intensity that we are unable to catch up with. In India, it could be attributed to aggressive development projects, industrial processes, deforestation and use of fossil fuel for energy. Earlier this year, the scarce snowfall in the Himalayan region was a direct effect of the unplanned development and the ongoing climate change. This goes on further to melting of glaciers and a consecutive result of much harsher summers throughout the nation, leading to drought like conditions as already witnessed in Bangalore.
The year 2023 itself bore witness to many such after effects of climate change: the sinking of Joshimath, the unprecedented levels of rainfall and Sikkim’s disastrous floods to name a few.
The upcoming generations are particularly concerned about the effects of climate change and the humongous-looming consequences of it. The generation could be called “digital natives” and hereby stems their in sync knowledge of the climate catastrophes. From the ongoing shift in temperatures around the globe, to its direct counter-effect on economies, industries and even elections, it is a massive cause of anxiety.
A survey done by Deloitte in 2023, “Gen Z and Millennial Survey” reveals that the Indian Genz and Millenials evinced an elevated level of concern for the climate and are prepared to pay much higher prices for sustainable products/ services, in comparison to their global counterparts. We as a generation see the ripple effects of ill-informed decisions, “development initiatives” and inaction in the form of irreversible ecological damage, and hence are desperate for climate action.
There is a concept of ‘Environmental Kuznets Curve’ Hypothesis (EKC) in economics, which suggests that as the economic development of a nation increases, there is a resultant environmental degradation. However, after the economy achieves a certain level of growth, its relationship with the environment goes on improving.
With respect to India, a research article concluded that there was a dire need for more investment in the renewable energy sector by the Indian Government and attraction of more foreign direct investments to support environmental quality. The first step for an active transformation is increase in people’s knowledge of eco-friendly practices to reduce carbon emissions. And in terms of policy making and implementation, there should be strict environmental policies and awareness among the population to ensure their overall well being.
There is no doubt that the development has brought much needed connectivity and economic upliftment in the nation, but it has also triggered the fragile environment, leaving it prone to disasters and climate change. A report by ICIMOD (International Centre for Integrated Mountain Development) stated that the glaciers in Hindu Kush Himalayan region could lose 75% of their volume, paramounting to water shortages for 240 million people living in the mountainous region approximately.
As Mr Wangchuk said during his 21-day imposed fast to save Ladakh, “We will have nothing left. We have seen what has happened in Himachal Pradesh, Uttarakhand and Sikkim. We want to prevent something like that being replicated here.”
Now that we have explained the humongous problem with recent events, what could be the solution for it?
The Indian Government runs initiatives like OSOWOG, ISA, National Urban Livelihood Mission and Swachh Bharat Mission, etc, but there are wide gaps within the ministries regarding successful coordination and implementation. The Government could make more active efforts to preserve and maintain the natural carbon sinks of India like the forests and wetlands, leading to a rise in agricultural productivity.
Within the school and college curriculum, there could be practical knowledge base imparted on how to mitigate climate change. Additionally, we as individuals choose our employers, politicians and work environments, so we could hold them accountable for their actions.
Even on social media, we are witnessing a consistent rise in the trends of “slow-living” and sustainable practices. The younger generations are questioning the extent of development required and the futility of aggressive urbanisation. There is a steep rise in ESG practices in the corporate world which aligns with the objective of sustainable growth, inviting investor confidence in the long run.
Green investments and green bonds could be better supported in India, making it accessible for investors with an impact-driven portfolio showing calculated results. The list is never ending on what we can do on a macro and micro level but it all narrows down on the initiatives and responsibility we are prepared to take.
If we are to keep India habitable for upcoming generations, we need to increase our awareness and push for change.
Author is a recent Economics graduate whose interest spans from creative writing to climate change. She is passionate about integrating climatic solutions in day-to-day activities.
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