India's cost of adapting to climate change needs seen at $1 trillion by 2030, report says

India will spend an estimated 85.6 trillion rupees ($1.05 trillion) by 2030 to adapt its various industries to be compliant with climate change norms, a report by the country's central bank said on Wednesday.

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Estimates suggest that green financing requirements in India could be at least 2.5% of GDP annually to address the infrastructure gap caused by climate events.

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The report said a sector-specific approach to climate risk mitigation is called for, in view of the difficult policy trade-offs between containing near-term adverse output impact due to NDC (nationally determined contribution) commitments against larger output losses in the medium-run due to no policy action.

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