Global Report: Fossil Fuels Fueling Health Crises, Economic Losses; India Faces Escalating Risks

The 9th Lancet Countdown report, a collaboration involving University College London and the World Health Organization with 128 experts, details the devastating health and economic toll of climate change driven by fossil fuels.

Key findings indicate that heat-related deaths have risen by 23% since the 1990s, reaching 546,000 annually. Air pollution from fossil fuels causes 2.5 million deaths yearly, and wildfire smoke alone was linked to 154,000 deaths in 2024. Dengue transmission potential has also increased significantly. Vulnerable populations like infants and the elderly are disproportionately affected by heatwaves, experiencing record-high numbers of heatwave days.

Economically, record labor productivity losses reached 639 billion potential hours in 2024, costing $1.09 trillion globally. Governments spent $956 billion on fossil fuel subsidies in 2023, exceeding health budgets in some emission-heavy nations. Droughts and heatwaves have also increased food insecurity.

Despite some downward trend in global emissions, the pace is insufficient to meet Paris Agreement goals. The report urges an "all hands-on deck" approach to cut greenhouse gas emissions and adapt to changes. Positive trends include an estimated 160,000 lives saved annually due to the shift away from coal and record-high renewable energy generation.

Impact: This news significantly impacts the Indian stock market by highlighting the risks associated with fossil fuel-dependent industries and the opportunities in renewable energy and climate adaptation solutions. It signals a push for policy changes that could favor green technologies and penalize polluters, affecting sectors from energy and infrastructure to agriculture and healthcare.

Impact Rating: 7/10

Difficult Terms: * **Fossil Fuels**: Natural fuels such as coal, oil, and gas formed in the earth from the remains of dead plants and animals, which are burned to produce energy. * **Lancet Countdown**: An international, multidisciplinary research program that tracks the links between climate change and public health. * **Greenhouse Gas Emissions (GHG)**: Gases in the Earth's atmosphere that trap heat, contributing to global warming. * **Paris Climate Summit**: An international agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse-gas-emissions mitigation, adaptation, and finance, adopted in 2015. * **Food Insecurity**: The state of being without reliable access to a sufficient quantity of affordable, nutritious food. * **Fossil Fuel Subsidies**: Government financial support or incentives provided to producers or consumers of fossil fuels to make them cheaper.