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Feature

84

Financing Low Carbon

Transitions in India

Introduction Global Climate Risk Index, 2021.
India is the fourth highest emitter Climate change is the most common The effects of climate change are
already visible in terms of changes in
of CO in the world. In this cause of disasters–both natural
2 rainfall patterns, high temperatures,
timely article, Gaurav VarshneyGaurav Varshney and human-induced–the world is increase in sea level, and frequent
looks at low carbon transitions grappling with today. India is one occurrences of cyclones, storms, and
from a financial perspective to of the most vulnerable countries landslides. According to the latest
understand the feasibility of to climate change risks, and ranks Intergovernmental Panel on Climate
various financial instruments, seventh worldwide in the Global Change (IPCC) report published in
such as carbon pricing and Climate Risk Index (2000–2019) August 2021, if we continue to emit
green bonds, in the context of (Figure 1). greenhouse gases (GHGs) as per
developing countries like India. The annual monsoons in India, current trends, global warming will
which continue for about four surpass the 20°C rise by mid-2100s.
months, have adverse effects on the The irregular patterns of climate
environment. In 2019, the alterations change beg an urgent transition to
in the monsoons were observed to low carbon developments. If these
be erratic, and the season continued transitions are not implemented
for a month longer than usual. on a war footing, the social and
This led to extreme events such as financial implications will become
floods that claimed as many as 1800 irreversible causing an inevitable
deaths amounting to an economic slowdown in the fast-paced growth
loss of over US$10 billion, as per the of the Indian economy.

Gaurav Varshney is an
architect who is pursuing
his Master’s in City Planning
from the Indian Institute of
Technology, Kharagpur. He has
an experience in the fields of
highly efficient, green-rated
contemporary design and
cost-effective, frugal vernacular
architecture. Currently, he
is researching the various
approaches to low carbon
development in mass housing
projects. He can be reached at Global Climate Risk Index: Ranking 2000- 2019
ar.gaurav95@gmail.com. 1-10 11-20 21-50 51-100 >100 No data

» Figure 1: Global Climate Risk Index (2000–2019)