A study by top ranking institutions has warned of drought leading to a countrywide agricultural loss of more than $7 billion by 2030. Also, it would impact the income of 10% Indian population.
With droughts occurring every 25 years, extreme climate change could change the scenario to once every eight years.
According to researchers, Maharashtra has seen 30% deterioration in food and grain production?even without climate change. The loss would severely impact 15 million small and marginal farmers. The case study determined a number of measures that could help farmers with crop production and income.
The measures included expanded drip and sprinkler irrigation, drainage construction, improved soil techniques and crop engineering. In fact, Maharashtra can overcome much of its expected drought loss by 2030 via low-cost measures and benefits.
The study has been prepared by the Economics of Climate Adaptation Working Group set up by ClimateWorks Foundation, Global Environment Facility, European Commission, McKinsey & Company, The Rockefeller Foundation, Standard Chartered Bank and Swiss Re.
The report released recently indicated that climate risks could cost nations up to 19% of their GDP by 2030, with developing countries being most vulnerable.
However, cost-effective adaptation measures already exist that can prevent 40% to 68% of the expected economic loss with even higher levels of prevention possible in highly target geographies, the report concludes.
The report?Shaping Climate-Resilient Development?offers a comprehensive and replicable methodology to determine the risks that climate change poses to economies. It provides a set of tools for decision makers to adopt a tailored approach for estimating these costs based on local climate conditions, and for building more resilient economies.
By determining a location?s total climate risk?calculated by combining existing climate risks, climate change and the value of future economic development?and using a cost-benefit analysis to create a list of location specific measures to adapt to the identified risk, the Working Group was able to evaluate current and potential costs of climate change and how to prevent them.
The methodology was tested in localities within eight different countries (China, United States, Guyana, Mali, United Kingdom, Samoa, India, and Tanzania), which together represent a wide range of climate hazards, economic impacts and development stages.
Overall findings from the eight case studies showed that easily identifiable and cost effective measures?such as improved drainage, sea barriers, and improved building regulations, among many others?could reduce potential economic losses from climate change for all regions. In fact, most could deliver economic benefits that far outweigh their costs?with adaptation measures that on average cost less than 50% of the likely loss.