Climate change threatens India's economy with potential GDP loss of 25% by 2070

Climate change is increasingly impacting economies, particularly in India, where it caused an 8% GDP loss in 2022. A report predicts that by 2070, India could lose nearly 25% of its GDP due to climate-related issues, especially in agriculture. Extreme weather events have intensified, with 93% of days in 2024 experiencing severe conditions. This has led to rising food prices and significant damage from floods and landslides. The agricultural sector, vital to India's economy, is facing severe challenges, including reduced crop yields. New trade policies, like the EU's Carbon Border Adjustment Mechanism, may further strain India's economy by increasing costs for exporters. Additionally, developing nations require substantial climate finance to adapt, but current commitments fall short of the estimated $7 trillion needed by 2030.