The World Bank Group’s report urges Bosnia and Herzegovina to invest $6.8 billion in climate resilience over the next decade. By 2050, climate-related damages could shrink the economy by 14%, primarily due to flooding. The report advocates for nature-based solutions and emphasizes the necessity for a transition to a low-carbon economy with substantial involvement from the private sector, alongside robust public-private partnerships.
According to the recently published Country Climate and Development Report by the World Bank Group, Bosnia and Herzegovina must allocate $6.8 billion over the next ten years to safeguard its population, infrastructure, and economy from the increasing risks associated with climate change. The report warns that climate damages could potentially reduce the country’s economic output by up to 14% by 2050, with flooding being responsible for over 90% of these damages. It advocates for nature-based strategies such as floodplain restoration and peatland preservation, emphasizing the importance of building resilience while fostering economic advancement. World Bank Country Manager for Bosnia and Herzegovina and Montenegro, Christopher Sheldon, highlighted that climate change poses a direct threat to the country’s economic stability and public health, pointing to the catastrophic floods that recently devastated Jablanica as illustrative examples of climate disasters’ human impact. The report stresses that by making proactive investments in climate adaptation, particularly in flood prevention infrastructure, Bosnia and Herzegovina can safeguard its economic future and stimulate job creation. The economic benefits of investing in climate adaptation are significant, with projections suggesting that for every €1 invested, the potential return could reach up to €10. Furthermore, the report emphasizes the urgency for Bosnia and Herzegovina to transition to a low-carbon economy by the year 2050, advocating for the elimination of coal power and fostering renewable energy initiatives such as solar and wind technologies. The importance of a just transition is underscored, indicating that measures should be implemented to protect low-income households from energy poverty. The role of the private sector is deemed critical, contributing nearly 90% of the necessary investments toward decarbonization initiatives, particularly in the transport, building, and power sectors. Nicolas Marquier, IFC Regional Manager for the Western Balkans, stated that positioning Bosnia and Herzegovina for a sustainable future relies heavily on green economy investments and public-private partnerships aimed at enhancing infrastructure and green financing. In summary, the report emphasizes the need for building robust institutions and regulatory frameworks to underpin sustained climate initiatives. The World Bank Group is actively collaborating with local authorities to promote a fair transition, improve air quality, and implement various projects related to climate resilience.
The climate challenges facing Bosnia and Herzegovina are acute, driven by physical vulnerabilities and socio-economic realities. The Country Climate and Development Report by the World Bank Group underscores the imperative for substantial investment in climate resilience measures over the next decade. It notes that climate change is projected to have severe repercussions for the country’s economy, public health, and social frameworks, necessitating immediate forward-thinking actions to mitigate potential setbacks and to foster sustainable development.
In conclusion, the World Bank Group’s report outlines the pressing need for Bosnia and Herzegovina to invest significantly in climate resilience strategies to protect its people and economy from future climate shocks. Emphasizing nature-based solutions and a transition to low-carbon energy sources is crucial for sustainable growth. The collaboration between public sectors, private enterprise, and regulatory bodies is essential to ensure that effective measures are implemented to manage the risks associated with climate change and to promote economic stability moving forward.
Original Source: reliefweb.int
