Investing in Climate Resilience: Bosnia and Herzegovina’s Urgent Call to Action
Bosnia and Herzegovina needs to invest $6.8 billion within the next decade to mitigate the effects of climate change, particularly flooding which accounts for 90% of climate-related economic damages. The World Bank stresses the urgency of implementing nature-based solutions, as well as transitioning to renewable energy, to enhance resilience and stimulate economic growth while safeguarding public health amidst rising pollution levels.
Bosnia and Herzegovina is facing a pressing need for investment in climate adaptation, particularly to mitigate the threats posed by floods, which account for more than 90% of climate-related damages. According to a recent report by the World Bank Group, the nation must allocate approximately $6.8 billion over the next ten years to safeguard its economy, public health, and infrastructures against the growing impacts of climate change. The report warns that by 2050, the nation could see a 14% contraction in economic output attributable to climate-related damages.
To combat these challenges, the World Bank emphasizes the significance of nature-based solutions, such as restoring floodplains and preserving peatlands, which can fortify resilience and promote economic advancement. “Climate change is not just an environmental challenge; it is a direct threat to Bosnia and Herzegovina’s economic stability, public health, and social well-being,” stated Christopher Sheldon, the World Bank country manager for the region.
Bosnia and Herzegovina also ranks among Europe’s most polluted countries, with high levels of fine particulate matter largely due to the reliance on coal and wood for heating, as well as significant contributions from the transport sector. Air pollution has dire health implications, contributing to approximately 3,300 premature deaths annually, with the elderly and children particularly vulnerable.
The intricacies of the country’s governance structure complicate efforts to address air pollution effectively. Each of the two main entities, the Federation of Bosnia and Herzegovina and the Republika Srpska, operates independently with distinct legal frameworks and air quality initiatives, leading to a fragmented approach to environmental management.
The World Bank underscores that investments in flood prevention infrastructure are essential not only for climate adaptation but to stimulate job creation, boost trade, and prevent significant GDP losses projected from climate-related impacts. Reports indicate that each euro spent on climate adaptation could potentially yield returns of up to ten euros, highlighting the economic advantages of such investments.
The path toward a low-carbon economy by 2050 involves a just transition, entailing a shift away from coal power towards renewable energy sources such as solar and wind, while also aiming to improve energy efficiency. It is crucial for the government to implement measures to avoid energy poverty among low-income households as part of this transition.
Private sector engagement is deemed vital, with expectations for it to cover nearly 90% of the required investments for decarbonization efforts across various sectors. Nicolas Marquier, regional manager for the International Finance Corporation (IFC), remarked on the importance of public-private partnerships to reinforce infrastructure development and green financing as pivotal steps toward achieving climate resilience.
Bosnia and Herzegovina is grappling with significant threats from climate change, particularly in relation to flooding which has considerable economic repercussions. Recent studies by the World Bank have indicated that immediate investments are essential to avert future damage and bolster resilience against climate-related adversities. Given the country’s reliance on outdated coal and wood burning technologies, air quality is also an urgent concern with serious public health implications. Effective management of environmental issues is further complicated by the decentralized governance structure in the nation. The transition to a green economy presents both challenges and opportunities as substantial investments are needed, along with carefully coordinated efforts across government entities and the private sector.
In conclusion, Bosnia and Herzegovina must prioritize investments in climate adaptation, particularly in flood prevention and pollution control, to protect its economy and public health from the escalating impacts of climate change. The World Bank report outlines the critical need for targeted investments, highlighting the potential economic returns, job creation, and improved resilience outcomes that can arise from proactive climate strategies. Furthermore, the transition to a low-carbon economy must be equitable, ensuring support for vulnerable populations while fostering private sector participation in decarbonization efforts.
Original Source: emerging-europe.com
