On Tuesday, the World Bank announced that India will need to invest more than $2.4 trillion in urban infrastructure to be resilient to climate changes by 2050.
Climate change is a major factor in the extreme weather conditions that India experiences.
India’s urban population is expected to nearly double by 2020, from 480 millions to 951,000,000.
The rapid urbanization brings both opportunities and challenges.
Challenges
The recent World Bank Report highlighted an important concern, namely the increasing vulnerability of India’s urban centres to climate change.
This report highlights how the erratic rain patterns, severe and prolonged heatwaves and the rising sea level are threatening the sustainability and liveability of cities across the country.
The effects of climate change manifest themselves in many ways, from flooding that destroys infrastructures and causes communities to be displaced, to heat stress which poses severe health risks for the most vulnerable.
Sea-level rise poses a double threat to coastal cities. It can exacerbate storm surges, and it may also lead to an increase in saline intrusion.
The confluence between rapid urbanization and climate change risks requires urgent, comprehensive strategies.
The pressure on urban infrastructure will increase as more Indians move to the cities, in search of better economic prospects and livelihoods.
World Bank findings are a reminder to India that its urban future depends on the ability of India to create resilient, climate-adaptive and sustainable cities.
According to a report entitled “Towards resilient and prosperous cities in India”, India will face increasing costs due to weather-related damages if it does not invest in its housing, transportation, water and waste management system.
At the report’s launch, Auguste Tano Kouame (the World Bank country director for India) said that cities must become stronger to ensure the safety of their residents. The report was developed in conjunction with the Indian Urban Development Ministry.
Projection
India is currently estimated to lose $4 billion annually due to flooding in urban areas. This figure will increase to $5 billion per year by 2030, and could reach $30 billion per annum by 2070 without any corrective actions.
India’s growing urban population will require significant investments in the next decade. According to conservative estimates, India will need $2.4 trillion in 2050 and $10.9 trillion by the year 2070.
If India’s urbanization is moderate, these projections will rise to $2 trillion and $13.4 billion for the same period.
This is what the report says:
By taking timely action, you can avoid billions in annual losses and damages due to flooding and extreme temperatures while also investing in municipal services and infrastructure that are efficient and resilient.
A World Bank study shows that India devotes only 0.7% of GDP to its urban infrastructure. This is significantly lower than the international standard.
This report stresses the importance of India increasing both its public and private investments in this sector.
To improve project funding and climate-related fiscal transfers, coordination is crucial between federal, state and municipal governments.
India should also expand collaborations with private sectors, especially in the areas of energy efficient water supply, sanitation and solid waste management.
The post India Needs $2.4 Trillion for Climate-Resilient Urban Infrastructure by 2050 could be updated as new information becomes available.
