Climate change costs India over 2.6 percent of GDP: Economic Survey

India is now spending over 2.6 percent of its gross domestic product to adapt to climate change, says the country's annual Economic Survey, tabled in parliament Thursday by Finance Minister Pranab Mukherjee.

The effect of climate change on "agriculture, water resources, health and sanitation, forests, coastal-zone infrastructure and extreme events" are "specific areas of concern", says the survey.

Climate change, due to increase in concentration of greenhouse gases - mainly carbon dioxide - in the atmosphere, is being caused by ill-planned industrial activities.

Looking at the way forward, the survey says technology forms a critical component of actions aimed at responding to climate change. "Availability and/or dissemination of existing climate-friendly technologies and goods to developing countries as public goods and at affordable costs is essential to enhance the actions of developing countries to pursue sustainable development policies.

"The collaborative R&D effort has to be promoted, with multilateral financial support under the UNFCCC (United Nations Framework Convention on Climate Change) in order to facilitate rapid and widespread dissemination, absorption and application of climate-friendly technologies.

"A Copenhagen package incorporating this component, with an accompanying multilateral financing package, would be an outcome necessary to address climate change in a manner consistent with goals of sustainable development."

Last updated on Jul 2^nd, 2009 at 16:26 pm IST--IANS