Climate change and global warming are the two biggest threats to human society that also harm the economic stability of a country. Nowadays, no one can deny the relevance of dealing with global warming and climate change for a sustainable and resilient future. Climate actions not only help to save the environment of our planet but also provide several new economic opportunities. In India, to avoid risks related to climate change, a lot of societal and economic transformation is required. The utilization of net-zero or low carbon technologies like renewable energy generators, electric vehicles, high-capacity batteries, etc., has innumerable financial benefits.
The most significant financial benefits of climate actions come from escaping the catastrophic climate disasters that are increasingly taking a toll on Indian society and compelling the economy of the whole nation to come to a standstill. Climate actions can limit the frequency and severity of extreme weather events such as heatwaves, desertification, wildfires, extreme rain or flooding, etc. In an urban utilitarian society, for the sake of a comfortable lifestyle, human beings burn a lot of fossil fuels. Harmful greenhouse gases that are emitted due to the combustion of fossil fuels pollute the environment and increase the rate of global warming. The main cause of most of the natural disasters that the world is experiencing nowadays is pollution and greenhouse gas emissions. If climate actions are taken to reduce emissions, it will save a lot of climate adaptation costs that India has to spend every year.
In many countries, the agricultural sector is one of the most vulnerable sectors affected by climate risks. Extreme rainfall, lack of rain, change in weather patterns, flooding, etc., damage property, livestock, and agricultural lands. Destruction of crop yields harmfully impacts our food supply. After those climate disasters, people tremendously suffer from poverty and the insufficiency of food. By curbing emissions and taking care of the environment, we can ward off all those societal and economic hazards. The catastrophic climate events also have detrimental effects on the productivity of a nation. These disasters often force nations to import foods and basic essentials to meet the daily needs of their citizens. Hence a lot of money will be saved if we can be aware of the disasters and take action to prevent them before their arrival.
Benefits of climate actions also include minimizing the cost of healthcare infrastructures in a nation. We all know that climate actions have several positive impacts on human health. Phasing out the combustion of fossil fuels brings down the level of air pollution. Thus, in our country, by taking climate action, we can reduce many diseases caused by polluted air, such as asthma, emphysema, COPD (chronic obstructive pulmonary disease), ischemic heart disease, lung cancer, and other respiratory infections. Switching to plant-based diets and limiting the intake of meats and junk foods are not only beneficial for the environment but also keep people healthy and free from multiple health disorders like diabetes, obesity, cardiovascular disease, high blood pressure, cancer, etc.
Transitioning to a society with net-zero carbon emissions can lead to several industrial opportunities that can help the economy of a nation to flourish. Implementation of national and international laws to bring down greenhouse gas emissions will encourage businesses to bring new low-carbon or net-zero carbon technologies, services, and goods. It will open new market opportunities for the companies. Unemployment is serious trouble in some developing countries of the world, including India. In those countries, these new policies and industrial opportunities can create a lot of new jobs that will significantly decrease the rate of unemployment among young adults.