[1/2]A drone view shows the aftermath of floods and landslides in the village of Donja Jablanica, Bosnia and Herzegovina, October 6, 2024.REUTERS/Marko Djurica/File Photo Purchase Licensing Rights, opens new tab
SARAJEVO, Nov 20 (Reuters) – Bosnia and Herzegovina, facing risks from floods, wildfires and severe air pollution, needs to invest $6.8 billion over the next decade to offset the impact of climate change, a World Bank report said on Wednesday.
Climate-related damage, with floods as a major natural hazard, could shrink Bosnia’s economy by up to 14% by 2050, the report said, stressing the need for nature-based solutions such as floodplain restoration and peatland preservation to strengthen resilience and drive economic growth.
“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,” Christopher Sheldon, World Bank Country Manager for Bosnia and Montenegro said in a statement.
Last month, floods struck parts of the country killing 27 people, destroying houses, farms and transport infrastructure, and hitting companies’ exports hard. The floods in 2014 affected one million people and caused damage equivalent to 15% of GDP.
Timely investments in climate adaptation, particularly in flood prevention infrastructure, can significantly protect the Balkan country’s economy, the bank said.
Funding developing countries’ adjustment to climate change and transition to cleaner energy is the focus of the COP29 summit in Azerbaijan, which is trying to agree a new target for how much money should be provided.
The World Bank report also emphasized the importance of a green transition by 2050, including phasing out coal and lignite power, expanding renewable energy sources such as solar and wind and improving energy efficiency across various sectors.
“BiH (Bosnia and Herzegovina) needs $6.8 billion in adaptation investments, mostly front-loaded within the coming decade, yielding high economic and social returns,” the report said. It added that the private sector is expected to fund a major portion of the decarbonization efforts, especially in transport, buildings and power.
Bosnia produces about 60% of its electricity from coal-fired power plants and the rest mainly from hydro. It has set a target of a 43.6% share of renewable energy in its power production in 2030, but the transition has been slow.
The country should build strong institutions and regulatory frameworks to ensure effective and sustained climate action, the report said.
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Reporting by Daria Sito-Sucic; Editing by William Maclean
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Publish date : 2024-11-20 08:07:00
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