Context
Natural disasters caused global economic losses of 380 billion US dollars in 2023, underscoring the growing risk posed by climate change. India is experiencing increasingly frequent and severe heatwaves. These events disrupt public health systems, threaten food security, and strain power grids.
Projections indicate that by 2050, heatwaves could affect 300 million people in India and reduce the country’s gross domestic product (GDP) by 2.8 per cent. Although the Government of India has introduced mitigation measures and forecasting tools, significant gaps remain; essential in integrating heatwave management into broader climate risk strategies. Innovative financial instruments are urgently needed to protect vulnerable communities from cascading impacts.