Water crisis, heat stress to bring down food supply in India and across the globe

News Network
March 18, 2023

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New Delhi, Mar 18: Food supply in India and across the globe will go down by at least 6 per cent by 2050 as water crisis and heat stress caused by climate change will hit productivity, the Global Commission on Economics of Water (GCEW) has warned.

The commission is convened by the Government of the Netherlands and facilitated by the Organisation for Economic Co-operation and Development (OECD). Its latest report used a large dimensional computable general equilibrium model to project impacts on global irrigated food production and food security.

Food supply decreases were projected for two climate change scenarios or representative concentration pathways (RCP) based on the intensity of the greenhouse gas emissions. The optimistic RCP 4.5 based on drastic cut in emissions and RCP 8.5 the worst-case scenario. The model used 2014 as base year.

"Even under the best-case climate change scenario of RCP4.5, most African countries experience an increase in people with severe food insecurity by more than one third," the report 'The What, Why and How of the World Water Crisis' said.

The "best case" scenario for India meant a 6.52 per cent fall in food supply while it was 16.1 per cent in the worst case scenario. In China, it was 8.97 per cent and 22.4 per cent, respectively while the fall in the US was pegged at 4.8 per cent and 12.6 per cent.

Food insecurity affects 72-81 crore people globally and is linked to water insecurity. The fall in production, the study said, will push 100 crore people into severe food insecurity, the report said.

In another report titled 'Turning the Tide', the GCEW issued a seven-point agenda for collective action: managing global water cycle with just and equity, adopt outcomes-focussed approach to water conservation, cease underpricing water, phase out subsidies in agriculture and water, establishing just water partnerships, fortifying freshwater storage systems and reshape the multilateral governance of water. 

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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