Bosnia and Herzegovina requires a $6.8 billion investment over the next decade to combat the adverse impacts of climate change, particularly concerning flood prevention and air pollution. The World Bank report highlights the significant economic risks posed by climate-related disasters, urging immediate action through collaboration between public and private sectors. Investing in nature-based solutions can provide economic returns and assist in achieving a sustainable, resilient economy by 2050.
Bosnia and Herzegovina must prioritize substantial investment of 6.8 billion US dollars over the next decade to combat climate change risks that threaten its economy and populace. This investment is crucial for developing flood prevention infrastructure, as over 90 percent of climatic-related damage stems from flooding. The World Bank’s latest report warns that by 2050, climate-related disasters could diminish economic output by as much as 14 percent, highlighting the urgent need for nature-based solutions to enhance resilience and foster economic growth. Furthermore, existing air pollution challenges call for a comprehensive approach to transition towards a low-carbon economy while ensuring the protection of vulnerable communities. Achieving significant outcomes demands collaboration among both public and private sectors, supporting the implementation of cleaner energy solutions while bolstering climate resilience.
The World Bank emphasizes that funding for climate adaptation will yield remarkable economic returns—every euro invested is anticipated to generate up to ten euros. This necessitates concerted efforts in developing a robust regulatory framework, alongside private sector engagement to create thousands of jobs, stimulate trade, and reduce energy poverty. By engaging in these initiatives, Bosnia and Herzegovina can navigate the dual challenges of climate adaptation and economic sustainability, ultimately positioning itself on a path towards a resilient green economy.
The report from the World Bank Group highlights the pressing need for Bosnia and Herzegovina to invest significantly in combating climate change, particularly through infrastructure that mitigates flooding. The existing governance structure complicates air quality management and climate action implementation. Despite facing high pollution levels associated with coal dependency, the opportunity for economic growth lies in transitioning towards renewable energy and enhancing environmental resiliency. Timely investment in climate adaptation is crucial to protect public health and economic stability, while the collaboration between public and private sectors is necessary to achieve a just and sustainable energy transition.
In conclusion, the findings underscore the critical importance of proactive investments in climate adaptation as a cornerstone for safeguarding Bosnia and Herzegovina’s economic future against climate change impacts. The potential economic benefits from these reforms emphasize the need for an urgent and collective response at all governance levels to transition towards a low-carbon, resilient economy. Collaborative efforts and proposed regulatory frameworks are pivotal to support this transition and create a sustainable and secure environment for future generations.
Original Source: emerging-europe.com
