India faces extreme weather events and environmental challenges amidst efforts to implement climate policies and balance economic interests. The AI boom and sustainability commitments by banks like CIMB Group further complicate the landscape, highlighting the urgent need for sustainable practices.
Extreme Weather, Climate Policies, and Environmental Challenges in India Amid AI Expansion and Bank Commitments
During the 2019 Indian general elections, severe heat wave conditions affected northern and western regions, starting around May 18. By late June, these areas also faced sudden flooding risks, exemplified by Delhi receiving its highest single-day rainfall in June in 88 years.
India’s climate action framework includes adaptation and mitigation strategies, emphasized through the National Action Plan on Climate Change. Key targets include reducing GDP emissions intensity by 45% from 2005 levels and achieving 50% installed electric power capacity from non-fossil fuels by 2030. Recent achievements ahead of 2030 include a 33-35% reduction in GDP emissions intensity and 43.81% electric power capacity from non-fossil fuels by October 2023.
However, concerns persist. Climate policies are sometimes seen as opportunistic, balancing environmental goals with economic interests, particularly in coal mining. Forest policies aim to create significant carbon sinks, yet questions arise about methodology and real impact, especially with afforestation using non-forest species.
India’s consistent drive toward renewable energy, notably large hydropower projects, has faced criticism for overlooking local community impacts and environmental risks. Regulatory changes also continue to provoke debates, especially amendments to the Forest Conservation Act, perceived by some as favoring industrial projects over robust environmental protections.
In contrast, Malaysia’s CIMB Group has marked significant progress in its sustainability commitments, targeting decarbonization by 2030 and net zero emissions by 2050. It has mobilized substantial funds towards sustainable finance and exceeded its volunteer and financial inclusion targets.
On the global stage, the AI boom post-2022, particularly driven by major companies, is contributing to increased energy and water consumption, prompting concerns about environmental impacts. Elevated carbon emissions and significant water usage by data centers underscore the urgent need for sustainable practices.
As extreme weather events and AI advancements reshape environmental and economic landscapes, balancing climate commitments with developmental imperatives remains a critical challenge for nations and corporations worldwide.
