Editorial 1 : On Way to Climate Resilience
Context: A Sustainable Future Within Reach
Global Goal on Adaptation (GGA)
- The GGA is a comprehensive framework aimed at enhancing adaptive capacity, strengthening resilience and reducing vulnerability with a view to ensure an adequate response guiding countries in their efforts.
- This is crucial for developing nations like India who are at the frontline of climate impacts.
- The UAE Framework for Global Climate Resilience is expected to guide and strengthen efforts.
UAE Framework for Global Climate Resilience
- The framework includes:
- impact, vulnerability and risk assessment;
- a country driven planning process;
- implementation of adaptation plans, policies and strategies by 2030;
- establishing and operationalising a system for monitoring, evaluation and learning.
- It outlines specific targets for 2030, such as reducing climate-induced water scarcity, attaining climate-resilient food production, enhancing health services to mitigate climate-related impacts.
- But there is a lack of means of implementation (MoI) in the framework which is an issue.
Global Stocktake
- The first global stocktake at COP28 called for increased ambition and support, particularly in adaptation finance.
- Finance Gap: The 2023 Adaptation Gap Report reveals a growing finance gap, currently estimated at $366 billion per year.
- This is a significant barrier to implementing effective adaptation measures in developing countries.
Divergence between Developed and Developing Countries
- There is an intense divergence between developed and developing countries especially on the Means of Implementation (MoI), the principle of common but differentiated responsibilities and the role of the adaptation committee as highlighted at the recent negotiations in Bonn in June 2024.
- Developing countries emphasised the critical need for public finance, technology transfer, and capacity building to support their adaptation efforts.
Overcoming the Challenges in Implementing GGA
- Lack of MoI is the biggest challenge in implementation of GGA.
- Developed countries need to fulfil their climate finance obligations, recognising the scope, scale and speed of climate finance required to take climate actions.
- Revamping Institutional Governance: A strong revamp of institutional governance will be critical. This needs to be supplemented with data availability and proficient predictive models, which should be developed and executed for effective strategies.
Opportunities Provided by GGA
- Successful implementation can significantly bolster a country’s resilience to climate impacts, while robust participation of the private sector and investment in adaptation can drive economic growth by creating jobs and protecting livelihoods.
- Globally, GGA can serve as a unifying objective that aligns national and international efforts towards a resilient future.
- By utilising the GGA, India and other developing countries can bolster their adaptive strategies, thereby safeguarding their populations and economies.
- India’s commitment to the GGA and active participation in international climate negotiations underscore the nation’s dedication to building a sustainable and resilient future.
What needs to be done?
- Strengthening the policy framework with clear guidelines to develop and disseminate consistent and sustainable practices.
- Capacity building for government officials, community leaders, and other stakeholders to build expertise in climate adaptation will help in institutional strengthening.
- Dedicated resources through domestic sources, including innovative financing mechanisms and transfer of finance and climate-resilient technologies from developed to developing countries require due emphasis.
- The upcoming negotiations at COP 29 in Baku will be crucial in resolving these issues and moving forward with the GGA.
Conclusion: The journey towards achieving the GGA is challenging, but with collaborative efforts and robust policies, a sustainable future is within reach.
Editorial 2 : Harnessing the power of AI
Context: How India can harness the power of AI to become a trailblazer
Favourable Climate for India
- With robust economic growth on the horizon, India is poised for unprecedented progress and innovation.
- Nomura projects the Indian economy to grow at an average rate of 7% over the next five years, significantly outpacing the IMF’s global growth forecast of 3.2% for 2024.
- India’s hosting of G20 and the Global Partnership on AI annual meetings in 2023 has solidified a favourable geopolitical climate.
AI in India
- With the world adapting to the rapid ascendancy of artificial intelligence (AI), the Indian industry stands at the brink of a transformative era.
- India’s AI market is projected to reach $17 billion by 2027, growing at an annualised rate of 25-35% between 2024 and 2027.
- India is a front-runner in embracing the Generative AI (GenAI) wave.
- Government has committed a five-year budget of Rs 10,372 crore for the India AI Mission.
- India Inc holds the potential to drive significant transformation across sectors.
- Indian AI ecosystem can become a trailblazer, driving inclusive economic growth and innovation for the benefit of its domestic economy and the world.
What needs to be done?
- Indian industries require a tailored approach that aligns AI capabilities with specific sectoral goals.
- India Inc should map out sectoral challenges, opportunities, and ambitions, complemented with staying abreast of global AI advancements and developing capabilities to drive innovation.
- The key to unlocking AI’s transformative potential lies in tailored solutions mapped to each industry’s unique needs.
In the Logistics Sector
- Traditional AI brought in efficiencies from automation, optimisation, and basic forecasting based on historical data.
- Example: PandoAI has consolidated supply chain data residing in multiple silos within and outside the enterprise to offer valuable analytics and services utilised by several Fortune 500 companies.
- Logistics costs constitute 7.8-8.9 per cent of GDP in 2021-22.
- With the strategic integration of GenAI, the logistics sector could also uncover hidden valuable patterns, predict disruptions, and design innovative solutions.
- This can potentially propel the Indian economy towards setting a global benchmark in the sector.
On Going Efforts by the Government
- Central government is enhancing computational capabilities, with plans to procure 10,000 graphics processing units (GPUs) within the next 18 to 24 months.
- India’s National Semiconductor Mission aims to build a domestic chip industry, supported by over $10 billion in production-linked incentives.
- While these investments will boost processing power, they are not sufficient.
Way Forward
- Indian businesses must prioritise R&D.
- Substantial investment in core compute capabilities and talent will be the cornerstones for developing a successful AI ecosystem in India.
- Investment must extend beyond infrastructure to encompass talent development and skilling.
- Initiatives like FutureSkills PRIME, a partnership between industry leaders and the government, are essential and should be supported and expanded.
- Establishing and adhering to trustworthy AI standards is crucial for building trust and ensuring sustainability.
Overcoming Challenges
- AI era introduces challenges such as bias, data security, and ethical use, which are analogous to issues of cybersecurity and data privacy in the digital age.
- Addressing these challenges through robust governance and clear regulatory frameworks will foster trust among consumers, partners, and stakeholders.
Aligning AI development with Social Good
- Develop robust AI governance frameworks within companies that address ethical concerns, data security, and bias.
- Transparency in AI algorithms and decision-making processes must remain a priority for each firm.
- Promoting inclusive AI development by engaging diverse perspectives should be prioritised.
- Investing in ethical AI research through collaborations with academic and research institutions should be institutionalised.
Conclusion: The convergence of government support and industry involvement has set the stage for India to not just participate but lead in the global AI arena. This is India’s moment to harness the transformative power of AI, inspiring a new era of economic prosperity.