Bosnia and Herzegovina needs to invest 6.8 billion US dollars in climate adaptation, particularly in flood prevention infrastructure, within the next decade to mitigate the adverse effects of climate change. Underestimating these measures could lead to economic losses of up to 14 percent by 2050. The country also faces significant air pollution issues, making timely investments crucial for sustainable growth and improved public health.
Bosnia and Herzegovina is at a critical juncture, necessitating an investment of approximately 6.8 billion US dollars over the next decade to mitigate the adverse impacts of climate change, particularly in flood prevention infrastructure. The World Bank Group’s recent Country Climate and Development Report emphasizes that failure to take such action could result in economic losses up to 14 percent by 2050 due to climate-related damages. Given that floods account for over 90 percent of such damages, adopting nature-based solutions like floodplain restoration and peatland preservation is essential in enhancing resilience and promoting economic growth.
Moreover, the country faces significant air pollution challenges, with some of Europe’s highest levels of fine particulate matter attributed to the burning of solid fuel for home heating and the transport sector, contributing 50 percent and 20 percent of emissions, respectively. Alarmingly, a 2022 report by Human Rights Watch indicates that this reliance results in severe pollution during winter months, with considerable health implications, including an estimated 3,300 premature deaths annually due to exposure to air pollution, particularly affecting vulnerable populations such as the elderly and children.
The divided governance structure complicates efforts to tackle air pollution since each entity within the country operates under distinct legal frameworks and air quality networks. To address these pressing challenges, the World Bank report advocates for timely climate adaptation investments, projecting that each euro spent could yield returns of up to 10 euros, thus highlighting the economic advantages of proactive measures.
Furthermore, the report calls for a just transition to a low-carbon economy by 2050, including phasing out coal, expanding renewable energy sources, and enhancing energy efficiency. It is anticipated that the private sector will play a vital role, with nearly 90 percent of investment in decarbonization expected from this domain. Public-private partnerships are therefore deemed crucial in fostering the infrastructure and green financing needed to decarbonize the economy and bolster resilience against future climate challenges.
Attention must also be given to developing robust institutional and regulatory frameworks to ensure sustained climate action. Bosnia and Herzegovina stands to significantly benefit from these investments, both in terms of economic resilience and improved public health outcomes.
Climate change poses a severe threat to Bosnia and Herzegovina, impacting economic, social, and public health spheres. With a projected requirement of 6.8 billion US dollars for climate adaptation efforts over the next decade, particularly in flood prevention and infrastructure, the country faces a critical risk of up to 14 percent economic contraction by 2050 if proactive measures are not taken. Notably, the country struggles with high levels of air pollution and fragmented governance, further complicating its response to these environmental challenges. The emphasis is on transitioning to a low-carbon economy, requiring collaborative efforts from both the public and private sectors to be effective in securing a sustainable future.
In conclusion, Bosnia and Herzegovina must prioritize investments in climate adaptation to safeguard its economy and public health against the looming threat of climate change. By addressing high pollution levels and implementing necessary infrastructure improvements, the country can enhance its resilience while fostering economic growth. The pathway involves a cooperative approach that incorporates both public and private sector initiatives aimed at achieving a sustainable and low-carbon future by 2050. Meeting these challenges head-on is not merely a necessity but an opportunity for so much more.
Original Source: emerging-europe.com
