Urban climate funding: Urban climate funding: Indian cities need $2.4 trillion by 2050 to withstand floods, heatwaves – World Bank
Prepared jointly with the Ministry of Housing and Urban Affairs, the report of ‘Flexible and prosperous cities in India’ warns that the economic losses obtained from climate events will rise significantly if cities cannot act urgently.
“It is estimated that the annual economic losses from the floods of rain are currently 4 billion dollars. It is estimated that they will rise to $ 5 billion by 2030 and may rise between 14 billion and 30 billion dollars until 2070, if no healing action is carried out,” he says.
Among the worst affected cities, Delhi, Chennai, Switch and Lucknow, determine the most exposure to urban heat island effects and flood risks due to rapid, irregular expansion of the report to vulnerable regions to a large extent ecologically.
In Delhi, heat stress is expected to concentrate significantly. Between 1983 and 2016, exposure to dangerous temperature levels in the 10 largest cities of India increased by 71%and rose from 4.3 billion to 10.1 billion people.
“If emissions continue at the current levels, the annual heat -related deaths may rise from 1.44,000 to 3.28,000 to 3.28,000 by 2050. Approximately 20% of working hours in large Indian cities may disappear due to high heat stress conditions.” Only heat reduction can increase India’s GDP up to 0.4% and save up to 130,000 life per year by 2050. While the emergency financial calls for calibration, the report warns that the current urban infrastructure expenditures are “much lower than other countries in only 0.7% of GDP.
Between 2011 and 2018, India’s average annual expenditures were $ 10.6 billion, some of the needed in the coming years.
“This is both a challenge and an opportunity,” said Auguste Tano Kouame, the Indian World Bank Country Director, quoted by PTI. “Without timely action, climatic risks such as flood and excessive heat will become much more severe.”
The report is also expected to be 480 million in 2020 in 2020 and is expected to exceed 1.1 billion in 2070. “More than 144 million new urban houses will be required by doubleing the existing housing stock.”
Therefore, to reduce these risks, the World Bank predicts that India should invest in sectors such as housing, public transport, solid waste management and municipal services by 2050 dollars by 2050 and 10.9 trillion dollars by 2070.
In order to close the large infrastructure gap, the report calls for private capital through mechanisms such as green bonds, blended finance and access to international climatic funds. It also requires more financial autonomy for urban local organs and to improve project planning capacities to attract such investments.
Findings come only months before the COP30, the Global Climate Summit, which is expected to present updated national climatic action plans known as national contributions (NDCs).
According to the PTI, only 25 countries representing only 20% of global emissions will be the key to testing climate leadership and maintaining the objectives of the Paris agreement.
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