Context
According to the latest G-20 summit, the world is at a tipping point where disaster-related risks are increasing faster than they are decreasing. 
  
Crisis risk is increasing
The COVID-19 pandemic, war, financial crisis, and food instability are all putting the world's ability to adapt and mitigate to the test. 
 
Climate Emergency 
• As a result of the climate challenge, extreme weather events are occurring more frequently and with greater intensity. The occurrence of disasters on a more regular basis is a trend, not an exception. Examples include the flooding in China, the wildfires in Europe and Hawaii. The substantial challenges that industrialised countries must face in order to cut their greenhouse gas (GHG) emissions were highlighted in the UN's Global Stocktake report.
• Given that the world is already on track to exceed the Paris Agreement's limit of a 2°C increase in global emissions, much more effort is needed to achieve the goal of restricting warming to 1.5°C.
•Despite this admission, the energy transition has not made much progress because 93% of coal power plants that are currently running and 88% of those that are proposed are situated in G-20 countries.
 
Financial Challenges 
• Vulnerable nations and communities are suffering the most despite contributing the least to the climate challenge.
• The majority of the 50 countries that are most at risk from climate change also have serious financial issues. 
• In 2022, India had a number of catastrophic weather-related catastrophes, and the harsh monsoon season played a crucial role in the significant loss of lives and livelihoods.
 
Disaster mitigation and adaptation strategies 
Global Action
• At the most recent G-20 summit, leaders agreed that in order to achieve net zero emissions by the year 2050, between $5.8 and $5.9 trillion in developing countries must be invested between now and 2030, as well as $4 trillion annually in renewable energy technology.
•The Sustainable Development Goals (SDGs) and the pledges made at the Conference of Parties in Paris provide a global road map for peace and prosperity if they are properly implemented. 
•We have learned a lot from the COVID-19 outbreak about the significance of systemic catastrophic risk reduction, resilience, and adaptation. Digital technologies like computer modelling and India's CoWin digital vaccination platform have emerged as a result of the outbreak.

Initiatives from India   
• With the development of individual disaster management plans by each of India's 28 states, the death toll from extreme weather occurrences has significantly decreased. India has demonstrated extraordinary leadership in the reduction of disaster risk.
• Over the past 15 years, India's extensive coastal early warning system for cyclones has decreased cyclone-related mortality by 90%.
• By more than 90%, local heatwave response techniques have considerably reduced the number of fatalities.
• As Cyclone Biparjoy in Gujarat showed, effective preparation, response, and early warning and action procedures may lead to zero death during natural disasters.
• The funding for catastrophic risk has undergone substantial changes as a result of the 15th Finance Commission in India. The $28.6 billion budgeted by the Indian government is for readiness, response, recovery, and capacity building.
• Through initiatives like the Coalition for Disaster Resilient Infrastructure, a multilateral coalition with the aim of bolstering infrastructure, India promotes disaster resilience and sustainability on a worldwide level.
• The National Disaster Response Force of India reacts to domestic crises while regularly being sent abroad.
• The first-ever working group on disaster risk reduction was constituted under India's G-20 chairmanship, aligning with the SDGs.
 
Way Forward 
• The Global Stocktake study highlights reversing deforestation and encouraging the adoption of electric vehicles as crucial components of a sustainable energy economy.
• If nations want to reduce global GHG emissions by 43% by 2030, 60% by 2035, and reach net zero CO2 emissions by 2050, they must dramatically scale up renewable energy resources and make the switch away from fossil fuels like coal, oil, and natural gas. 
• Early warning systems for all are one of the most accessible risk reduction strategies, sponsored by the UN with India's assistance. A 24-hour storm warning, for instance, can reduce damage by 30%.
• The most from an international multi-risk warning system for all types of disasters, whether they be biological, tectonic, or technological, will be the least developed countries and Small Island Developing States.
 
Conclusion  
In particular for poor countries, it is essential that global cooperation in disaster prevention, response, and recovery be improved. With the G20 summit and the outcomes of the catastrophic Risk Reduction Working Group, an opportunity to plan a future where catastrophe risk mitigation is practicable arises. As stated by UN Secretary-General Antonio Guterres, extreme weather events will happen. 
 
LTX Mains Question
Q. Define India's position as a global leader in catastrophe risk reduction and disaster management.