Bosnia and Herzegovina requires $6.8 billion in investments over the next decade to safeguard its economy and populace from the impacts of climate change, as outlined in the World Bank’s recent report. The report asserts that failure to act could lead to a 14% decrease in GDP by 2050, with floods being a significant contributor to damage. It emphasizes the need for nature-based solutions, air quality improvements, and a shift towards renewable energy to achieve a sustainable and resilient future.
Bosnia and Herzegovina is at a critical juncture where it must prioritize investments in tackling climate change, particularly regarding infrastructure aimed at flood prevention. The World Bank Group’s recent Country Climate and Development Report underscores the urgent need for an estimated $6.8 billion in funding to shield the nation’s populace and economy from the escalating threats posed by climate change over the next decade. The report projects that climate-related damages could reduce the country’s economic output by as much as 14% by 2050, highlighting the profound implications of these environmental challenges.
The Western Balkans region faces severe challenges arising from government failures leading to increased coal pollution. Furthermore, the region possesses the potential to advance a cleaner energy transition by harnessing solar and wind energy, effectively bypassing reliance on gas. The report vehemently emphasizes that floods contribute to over 90% of climate-related damages, advocating for nature-based solutions, such as floodplain restoration and peatland preservation, as essential strategies to enhance resilience and fuel economic growth.
Christopher Sheldon, the World Bank’s country manager for Bosnia and Herzegovina and Montenegro, remarked that, “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.” The report points to recent catastrophic flooding, particularly in Jablanica, which illustrates the dire human cost of climate disasters.
Moreover, the country records some of the highest levels of fine particulate matter (PM2.5) pollution within Europe, attributing much of this to solid fuel combustion for home heating and transportation. Serious air quality issues are exacerbated during the winter months, resulting in peak pollution levels that surpass what the World Health Organization deems safe. With an alarming mortality rate from air pollution, approximately 3,300 individuals die prematurely each year, while many more endure chronic respiratory and cardiovascular health issues, particularly vulnerable populations such as the elderly and children.
Compounding these challenges is Bosnia and Herzegovina’s complicated governance structure, which complicates efforts to address air pollution effectively. The absence of a national environmental agency and the existence of distinct frameworks for its two entities—the Bosnian-Croat Federation and the Republika Srpska—hinders coordinated air quality management initiatives.
Despite these hurdles, the World Bank emphasizes that timely investments could substantially shield the economy from potential GDP losses stemming from climate impacts, all while catalyzing job creation, enhancing skills, and fostering trade opportunities. It is projected that every euro spent on climate adaptation initiatives might yield returns up to 10 euros, underscoring the pronounced economic benefits associated with proactive climate strategies.
Additionally, the report advocates for a just transition towards a low-carbon economy by 2050 by phasing out coal usage, diversifying renewable energy sources, and improving energy efficiency. It emphasizes the responsibility of government to prevent energy poverty and support low-income households in this transition. The private sector is anticipated to account for nearly 90% of the necessary investments to achieve net-zero emissions by 2050, necessitating significant public and private collaboration.
The topic of climate change is increasingly relevant for governments worldwide, particularly for vulnerable nations like Bosnia and Herzegovina. The recent World Bank report emphasizes the urgent financial need for climate adaptation measures, detailing the dire economic implications if climate change is not addressed. The implications of air pollution and the need for coordinated efforts between various governmental bodies are also critical issues highlighted in the report, underscoring the socioeconomic challenges intertwined with environmental factors.
In summary, Bosnia and Herzegovina stands at a pivotal point where investing in climate change adaptation is not only critical for environmental reasons but is also essential for economic stability and public health. The World Bank report clearly outlines the financial requirements and underscores the need for a just energy transition, while highlighting the responsibilities of both the government and the private sector in driving these necessary changes. Without decisive action, the country faces dire consequences that threaten both its economy and the well-being of its citizens.
Original Source: emerging-europe.com
