Climate-Related Physical Hazards

India is facing a climatic crisis. Its economy and people are at danger because to unpredictable monsoons and rising temperatures. More than 80% of India's districts are vulnerable to climate-related calamities, according to the World Bank. These difficulties include crop failures brought on by heat in the central areas and heavy floods in the northeast. There has never been a more pressing need for efficient methods of assessing and adapting to climate risk.

Concerning Climate-Related Physical Hazards (CPRs)

Acute shocks and long-term stressors are also included in climate physical risks. Heat waves and floods are examples of acute shocks. Prolonged droughts and changing monsoon patterns are examples of chronic stressors. Both public health and economic stability are impacted by these hazards. Making the distinction between long-term climate predictions and short-term weather forecasts is essential. The latter makes it possible for decision-makers to be ready for changing climate risks.


Adaptation vs Mitigation

Mitigation and adaptation are often separated in global climate action. While adaptation plans for the unavoidable effects of climate change, mitigation focuses on lowering emissions. While impoverished countries have prioritized adaptation, recent climatic catastrophes have highlighted the significance of adaptation for wealthier countries as well. Investing in adaptability has financial advantages. According to the UN Environment Programme, every $1 invested on adaptation yields a $4 return.


A Structure for Evaluating Climate Risks

The foundation for comprehending CPRs is provided by the Intergovernmental Panel on Climate Change. The three factors of hazard, exposure, and vulnerability define the anticipated value of climate risks. Cyclones and floods are among the dangers. What and who is at danger is referred to as exposure. A system's vulnerability reveals its ability to endure and bounce back. Together, these factors determine climate risk.


Changes in Regulations Regarding Climate Risk Disclosure

Climate risk disclosures are becoming required, according to regulatory organizations throughout the globe. The Reserve Bank of India is incorporating climate concerns into its regulatory structure. Global guidelines for CPR reporting are established by the International Financial Reporting Standards (IFRS) ISSB S2. This change suggests that company continuation now depends on evaluating climate threats.


Presently Unfilled Climate Risk Assessment Gaps in India

India has a disjointed approach to evaluating climate hazards. various approaches are used by various government organizations and academic institutions. A cohesive framework is absent, despite the existence of useful studies like vulnerability atlases and flood maps. Limitations in global climate models make estimates less accurate. Making well-informed decisions becomes difficult in the absence of centralized data.


Actions for Better Adaptation Planning

With its National Adaptation Plan (NAP), India has started to bridge these gaps. This strategy complies with Article 7 of the Paris Agreement. A more thorough study is now being worked on; the first report was turned in in 2023. At the district level, the NAP seeks to address nine thematic areas. To create a reliable CPR evaluation tool, further work must be done. Making educated judgments would be facilitated by this tool for both the public and private sectors.


Prospects for Climate Risk Assessment in the Future

For India, a specialized tool is necessary. It should integrate a centralized climate risk data center with localized climate modeling. This would make it easier to use open, scientific approaches to risk assessment. India's growth would be both swift and climate-resilient if a comprehensive strategy is implemented.