Bosnia and Herzegovina needs to invest 6.8 billion US dollars over the next decade to combat climate change, reduce flood risks, and improve public health. The World Bank report warns of potential economic losses of up to 14 percent by 2050 due to climate impacts. The country also suffers from severe air pollution, necessitating a transition to a low-carbon economy and proactive, coordinated efforts in climate adaptation.
Bosnia and Herzegovina is at a critical juncture where considerable investment in climate adaptation is imperative. With an estimated need of 6.8 billion US dollars within the next decade, the focus must be on development to mitigate the adverse effects of climate change, primarily through flood prevention and infrastructure. The World Bank Group’s recent report warns that by 2050, climate-related damages could result in a 14 percent decline in the nation’s economy. Floods, which account for over 90 percent of these damages, emphasize the necessity of nature-based solutions like floodplain restoration and peatland conservation to boost resilience and economic growth.
Christopher Sheldon, the World Bank’s country manager for Bosnia and Herzegovina and Montenegro, stated, “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.” Recent catastrophic floods, particularly in Jablanica, highlight the urgent need for decisive action to diminish future risks while fostering sustainable growth.
Bosnia and Herzegovina is battling severe air pollution, among the highest in Europe, exacerbated by reliance on solid fuels for heating and coal for electricity. The winter months exacerbate health challenges, with pollution levels often exceeding WHO standards, leading to an estimated 3,300 premature deaths annually. Current governmental structures complicate the management of air quality due to the lack of a unified national environmental agency.
Notably, despite existing pollution control regulations, sulphur dioxide emissions continue to exceed allowable levels. The World Bank report advocates for proactive investments in flood prevention infrastructure as essential for protecting the economy while also suggesting a significant economic return on climate adaptation spending. Each euro invested could potentially yield returns of up to 10 euro, revealing substantial economic benefits.
The report also stresses a just transition towards a low-carbon economy by 2050, highlighting the imperative to phase out coal and lignite power, invest in renewable energy, and improve energy efficiency. To achieve carbon neutrality in alignment with European Union goals, the private sector is seen as pivotal, expected to contribute nearly 90 percent of the necessary investments. Nicholas Marquier, IFC regional manager for the Western Balkans, remarked, “Private sector investments and jobs in the green economy are vital to position Bosnia and Herzegovina for a sustainable future.”
To ensure an effective transition, the establishment of robust institutions and regulatory frameworks is crucial, alongside initiatives to prevent energy poverty among low-income households. Strong public-private partnerships and innovative financing mechanisms will be necessary to support decarbonization and enhance the nation’s resilience against climatic challenges.
Bosnia and Herzegovina faces significant challenges due to climate change which, if not addressed, could lead to dire economic consequences. The recent report from the World Bank emphasizes the urgency for substantial financial investment in climate adaptation strategies with a focus on flood management. The country struggles with some of the highest pollution levels in Europe, particularly affecting public health and contributing to numerous socio-economic issues. The governance structure complicates cohesive action against these environmental challenges. Thus, a comprehensive approach towards clean energy and socio-economic stability is crucial for the future well-being of its citizens.
In conclusion, Bosnia and Herzegovina must undertake significant investments to combat the escalating threats posed by climate change. By focusing on flood prevention infrastructure and transitioning towards sustainable energy solutions, the country has the opportunity to protect its economy, improve public health, and promote social welfare. Proactive measures and private sector engagement are essential in this endeavor, guiding the nation towards a resilient and sustainable future. Failure to act could result in considerable economic decline and adverse health outcomes for its population.
Original Source: emerging-europe.com
