Bosnia and Herzegovina: Urgent Investments Required for Climate Resilience

Bosnia and Herzegovina must invest 6.8 billion US dollars over the next decade to combat climate change, primarily to boost flood prevention infrastructure. The World Bank forecasts that climate-related damages could reduce the economy by up to 14 percent by 2050. The alarming pollution levels complicate public health and economic stability, necessitating timely actions and a transition to a low-carbon economy for a sustainable future.

Bosnia and Herzegovina faces urgent challenges surrounding climate change, requiring an investment of approximately 6.8 billion US dollars over the next decade to safeguard its populace, properties, and economy. According to the recent World Bank Group’s Country Climate and Development Report, anticipated climate-related damages might diminish the nation’s economy by as much as 14 percent by 2050. The report highlights that floods constitute over 90 percent of climate-related losses, necessitating nature-focused solutions like floodplain restoration and peatland conservation to enhance resilience and stimulate economic progress.

Christopher Sheldon, the World Bank’s country manager for Bosnia and Herzegovina and Montenegro, stresses that climate change poses not only an environmental challenge but also a significant danger to the country’s economic stability, public health, and societal welfare. The harrowing recent floods in towns like Jablanica serve as a reminder of the severe human costs associated with climate disasters. Proactive investment now may mitigate future risks and unlock sustainable growth opportunities.

The nation grapples with alarming pollution levels, being one of Europe’s leaders in fine particulate matter (PM2.5) pollution. Causes include reliance on coal and wood for heating and coal for electricity, both critical contributors to air pollution, which reportedly leads to around 3,300 premature deaths annually in the country. The complex governance structure further complicates coordinated efforts against air pollution, with each of its two entities operating independently.

Despite these challenges, the World Bank report advocates for prompt investments in climate adaptation, particularly flood prevention infrastructure, indicating that every euro allocated to climate adaptation could yield returns of up to 10 euros. Transitioning towards a low-carbon economy by 2050, including reducing reliance on coal and enhancing renewable energy use, proves vital for sustainability, with significant private sector involvement anticipated for financing decarbonization efforts.

To promote a just transition, the report underscores the need for government initiatives to combat energy poverty and support economically disadvantaged households, thus ensuring a balanced approach to sustainable development.

With a focus on bolstering resilience and transitioning to cleaner energy sources, enhanced regulatory frameworks and institutional effectiveness will be essential in driving sustained climate action.

The need for Bosnia and Herzegovina to invest significantly in climate adaptation is underscored by its vulnerability to climate change impacts, particularly through flooding. The World Bank’s recent report specifies staggering potential losses to the national economy, highlighting the imperative for comprehensive flood prevention and environmental management strategies. Additionally, ongoing air quality challenges, exacerbated by reliance on coal and wood, present a public health crisis that further necessitates swift, coordinated efforts across governance structures to manage pollution effectively. Overall, the interconnectedness of environmental, economic, and public health concerns calls for a multifaceted approach to achieving sustainability.

In summary, Bosnia and Herzegovina must prioritize substantial investments to combat climate change and enhance resilience against its impacts. The proposed 6.8 billion US dollar investment over the coming decade presents a critical opportunity to mitigate economic losses and improve public health outcomes. By adopting nature-based solutions and transitioning towards a low-carbon economy, the country can unlock economic opportunities while ensuring a just transition for its citizens. Effective governance, public-private partnerships, and robust regulatory frameworks will be crucial for the sustained success of these initiatives.

Original Source: emerging-europe.com