Bosnia and Herzegovina needs to invest 6.8 billion US dollars over the next decade to combat climate change and prevent economic decline. With floods accounting for the majority of climate-related damages, nature-based solutions are essential. Timely investments can lead to substantial economic benefits, including job creation. A transition to renewables and addressing air pollution are critical for sustainable growth by 2050.
Bosnia and Herzegovina stands at a crucial juncture where it must prioritize climate adaptation investments, particularly in flood prevention infrastructure. According to the World Bank Group’s recent Country Climate and Development Report, an estimated 6.8 billion US dollars is necessary over the next decade to safeguard the nation’s populace, property, and economy against the deteriorating effects of climate change. The report projects that by 2050, climate-related damages could contract Bosnia and Herzegovina’s economy by as much as 14 percent, emphasizing the need for immediate action.
Flooding, which constitutes over 90 percent of climate-induced damages, highlights the urgency for nature-based solutions such as floodplain restoration and peatland conservation. Christopher Sheldon, World Bank Country Manager for Bosnia and Herzegovina and Montenegro articulates, “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.”
Annually, an estimated 3,300 individuals in Bosnia and Herzegovina succumb prematurely to the perils of air pollution, primarily from coal and wood burning. Would-be reforms face significant obstacles due to a convoluted governmental structure that lacks a cohesive national environmental strategy. Each administrative entity within the country operates distinct legal and regulatory frameworks, complicating unified pollution mitigation efforts.
Central to the World Bank’s advocacy is the assertion that timely adaptation investments are not only beneficial in reducing potential GDP losses associated with climate change, but also instrumental in job creation and trade enhancement. The report suggests that every euro invested in climate adaptation could yield returns up to ten times that amount.
A just transition towards a low-carbon economy by 2050 entails a necessary phasing out of coal power, alongside an expansion in renewable energy sources such as solar and wind. Furthermore, it is crucial to develop robust government policies to combat energy poverty that might disproportionately affect low-income households.
To reach net-zero emissions aligned with European Union goals, the private sector must facilitate nearly 90 percent of investments needed for decarbonization in critical sectors. Nicolas Marquier, the International Finance Corporation’s Regional Manager for the Western Balkans, notes that public-private partnerships are vital for establishing required infrastructure and green financing to achieve this decarbonization path. Enhancing resilience while transitioning to cleaner energy will necessitate the establishment of effective regulatory frameworks to sustain climate action initiatives.
The urgency for Bosnia and Herzegovina to invest in climate change mitigation is underscored by alarming projections concerning the country’s economic vulnerabilities. With flooding being the primary concern in climate-related damages, the necessity for infrastructure tailored to flood prevention is paramount. The World Bank’s report indicates that inaction could lead to significant economic repercussions, illustrating a clear and present danger to public health and overall societal stability in the region. Moreover, the country faces severe air pollution challenges stemming from its reliance on coal and wood, necessitating coordinated governmental actions and frameworks to address these challenges effectively.
In conclusion, Bosnia and Herzegovina must prioritize safeguarding its citizens and economy from climate change’s escalating threats through substantial investments in climate adaptation and flood prevention. By harnessing the potential of public-private partnerships and establishing strong governance structures, the country can embark on a sustainable journey towards a low-carbon future, ultimately transforming challenges into opportunities for growth and public health improvement.
Original Source: emerging-europe.com
