Latest news with #AugusteTanoKouame
NDTV
2 days ago
- Business
- NDTV
Indian Cities Will Need Over $2.4 Trillion By 2050 To Tackle Climate Risk: Report
New Delhi: Indian cities are becoming increasingly more vulnerable to floods, heatwaves, and other climate-related risks and will require over 2.4 trillion US dollars in investments by 2050 to build resilient and low-carbon infrastructure, according to a World Bank report released on Tuesday. The report notes that Indian cities hold tremendous potential as centres of economic growth, with 70 per cent of new jobs coming from cities by 2030. "However, timely action is needed for cities to deal with impacts from extreme weather events and avert billions of dollars in future losses," the report 'Towards Resilient and Prosperous Cities in India' states. The report, prepared in partnership with the Ministry of Housing and Urban Affairs, stated that "Annual economic losses from rain-related flooding are currently estimated at 4 billion dollars. These are projected to rise to five billion dollars by 2030 and between 14 and 30 billion dollars by 2070 if no remedial action is taken." According to the report, much of the urban expansion is occurring in "flood-prone and heat-vulnerable areas." The report identifies Delhi, Chennai, Surat and Lucknow among cities most exposed to urban heat island effects and flood risks, particularly due to settlement expansion into vulnerable areas. "In Delhi, the report highlights risks linked to rising temperatures and urban flooding. Heat stress is also expected to intensify. Between 1983 and 2016, exposure to dangerous heat levels increased by 71 percent in India's 10 largest cities, rising from 4.3 billion to 10.1 billion person-hours per year," the report added. The report raised concerns about heat-related deaths. "If emissions continue at current levels, annual heat-related deaths may rise from 1,44,000 to more than 3,28,000 by 2050. Around 20 percent of working hours in major Indian cities could be lost due to high heat stress conditions," it says. Heat mitigation alone could increase India's Gross Domestic Product by up to 0.4 per cent and save up to 130,000 lives annually by 2050, the report states. According to the report, the country's urban projected population will be around 1.1 billion by 2070. "More than 144 million new urban homes will be required, doubling the current housing stock," the report states. To offset these risks, the World Bank estimates that India will need to invest 2.4 trillion dollars by 2050 and 10.9 trillion dollars by 2070 across sectors such as housing, public transport, solid waste management, and municipal services. "However, India currently spent around 10.6 billion dollars per year from 2011 to 2018. India's current spending on urban infrastructure and services is -0.70 per cent of GDP, which is much lower than other countries and must be substantially increased", the report states. "This is both a challenge and an opportunity," said Auguste Tano Kouame, World Bank Country Director for India. Without timely action, climate risks such as flooding and extreme heat will become much more severe, Kouame added. The report states that public financing alone will not be sufficient to meet this demand. It calls for increased private sector investment through tools such as green bonds, blended finance, and access to international climate funds. The report recommends strengthening the financial autonomy of urban local bodies and improving their capacity to plan and implement bankable projects. "India's urban population stood at 480 million in 2020 and is projected to reach 951 million by 2050 and over 1.1 billion by 2070. According to the report, an estimated investment of 150 billion dollars over 15 years could enable 60 per cent of existing Indian cities to implement flood mitigation measures. The report was supported by the Global Facility for Disaster Reduction and Recovery, a multi-donor trust fund that helps countries strengthen disaster and climate resilience.
Time of India
2 days ago
- Business
- Time of India
Urban climate funding: Indian cities need $2.4 trillion by 2050 to withstand floods, heatwaves
This is an AI-generated image, used for representational purposes only. NEW DELHI: Indian cities will require over $2.4 trillion in investments by 2050 to build resilient and low-carbon infrastructure, as they become increasingly vulnerable to heatwaves, urban flooding, and other climate-related risks, according to a new World Bank report released Tuesday. The report, 'Towards Resilient and Prosperous Cities in India', prepared in partnership with the ministry of housing and urban affairs, warns that economic losses from climate events are set to rise dramatically if cities fail to act urgently. 'Annual economic losses from rain-related flooding are currently estimated at $4 billion. These are projected to rise to $5 billion by 2030 and could surge to between $14 billion and $30 billion by 2070 if no remedial action is taken,' the report says. Among the worst-affected cities are Delhi, Chennai, Surat and Lucknow, which the report identifies as being most exposed to urban heat island effects and flood risks, largely due to rapid, unregulated expansion into ecologically vulnerable zones. In Delhi, heat stress is expected to intensify significantly. Between 1983 and 2016, exposure to dangerous heat levels in India's 10 largest cities increased by 71%, rising from 4.3 billion to 10.1 billion person-hours per year. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Redefine Your Future with a Top Online MBA JAIN Online Learn More Undo "If emissions continue at current levels, annual heat-related deaths may rise from 1,44,000 to over 3,28,000 by 2050. Around 20% of working hours in major Indian cities could be lost due to high heat stress conditions," the report says, as per news agency PTI. The World Bank estimates that an investment of $150 billion over the next 15 years could help 60% of existing Indian cities implement effective flood mitigation measures. Heat mitigation alone, it adds, could increase India's GDP by up to 0.4% and save as many as 130,000 lives annually by 2050. Calling for urgent fiscal recalibration, the report warns that current urban infrastructure spending, at just 0.7% of GDP, is 'much lower than other countries' and must increase substantially. Between 2011 and 2018, India's average annual spending stood at $10.6 billion, a fraction of what will be needed in the decades ahead. "This is both a challenge and an opportunity," said Auguste Tano Kouame, World Bank Country Director for India, as quoted by PTI. "Without timely action, climate risks such as flooding and extreme heat will become much more severe." The report also notes that India's urban population stood at 480 million in 2020 and is expected to double to over 1.1 billion by 2070. "More than 144 million new urban homes will be required, doubling the current housing stock,' it states. Hence, to mitigate these risks, the World Bank estimates that India will need to invest $2.4 trillion by 2050 and $10.9 trillion by 2070 across sectors such as housing, public transport, solid waste management, and municipal services. To close the massive infrastructure gap, the report urges tapping into private capital through mechanisms such as green bonds, blended finance, and access to international climate funds. It also calls for greater financial autonomy for urban local bodies and improved project planning capacities to attract such investments. The findings come just months before COP30, the global climate summit, where countries are expected to present updated national climate action plans, known as Nationally Determined Contributions (NDCs). As per PTI, while only 25 nations, representing just 20% of global emissions, have submitted their NDCs so far, India's plan will be key to testing its climate leadership and sustaining the goals of the Paris Agreement.
Indian Express
2 days ago
- Business
- Indian Express
World Bank Report: By 2030, Indian cities to create 70% of jobs but may lose $5 bn to floods; need greater autonomy to counter climate risks
Indian cities will need some autonomy to invest effectively in climate change adaptation and mitigation, according to Auguste Tano Kouame, the World Bank's Country Director for India. Cities with more decision-making power have performed better than average, he said on Tuesday at the launch of a report on building urban climate resilience. The report, prepared by the World Bank in collaboration with the Union Ministry of Housing and Urban Affairs, estimates Indian cities will require $2.4 trillion by 2050 to build climate-resilient infrastructure and services. 'In order for cities to invest in resilience, adaptation, and mitigation, they need to have some kind of autonomy to make decisions and implement them. Some people think this can be achieved only by fully implementing the 74th Amendment, others disagree,' Kouame said at a media briefing. The 74th Constitutional Amendment Act of 1992 gave constitutional status to Urban Local Bodies (ULBs) to strengthen local self-governance. However, official audits as recently as 2022 have found that several states have yet to fully implement its provisions. While the World Bank does not have an official view on this, Kouame said 'some version' of the 74th Amendment could be considered. 'It doesn't have to be implemented in the same fashion across all states. It depends on local conditions and several other factors,' he added. 'The truth is that when you look across India, cities that have been given autonomy by the states to make decisions and manage themselves have done well. They've done better than average. They've been able to mobilise resources, monetise assets, and increase sources of revenue,' Kouame said, adding that devolution of power also improves accountability. The report titled Towards Resilient and Prosperous Cities in India projects that the country's urban population will nearly double to 951 million by 2050, and that by 2030, cities will account for 70 per cent of all new employment generated. In addition to the rapid pace of urbanisation, Indian cities will face two major shocks in a business-as-usual scenario — flooding and extreme heat — according to Asmita Tiwari, who co-authored the report with Natsuko Kikutake. 'We found that the flood risk is growing rapidly. Not only are cities growing into areas that are exposed to flooding, they are also building more concrete structures and pavings that restrict the amount of rainwater the ground can absorb,' Tiwari said, referring to pluvial flooding. According to the report, annual pluvial flood-related losses can amount to $5 billion by 2030 and $30 billion by 2070 if cities don't invest in adaptation. A conservative estimate for supporting 60 per cent of high-risk cities with flood resilience measures over the next 15 years is $150 billion, it added. 'We also looked into 10 large cities in India, from the period 1983-1990 to 2010-2016, and found that exposure to dangerous extreme heat stress has increased by 71 per cent. Along with that, there is the urban heat island impact — which makes cities warmer at night because they have concrete structures and roads that absorb heat and release it at night,' Tiwari said. Heat-related deaths can double to over 3 lakh each year by 2050 due to global warming and the urban heat island phenomenon, the report said. Measures like shifting working hours to early morning and late afternoon, urban greening, early warning systems, and cool roofs can save over 1.3 lakh lives, it added. The report makes several recommendations for national- and state-level interventions, including boosting private sector engagement, creating a financing roadmap, and setting standards to build municipal capacities. For cities, it calls for risk evaluation and the mobilisation of capital — including private investment — to support mitigation and adaptation efforts. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
Business Recorder
2 days ago
- Business
- Business Recorder
Indian cities need $2.4 trillion for climate infrastructure by 2050, World Bank says
NEW DELHI: India needs to invest more than $2.4 trillion by 2050 to build climate-resilient urban infrastructure, as its fast-expanding cities face growing challenges from extreme weather events linked to climate change, the World Bank said on Tuesday. The number of Indians living in cities is projected to nearly double to 951 million by 2050 from 480 million in 2020. But erratic rainfall, heatwaves, and rising sea levels are leaving urban areas in the world's most populous nation increasingly vulnerable, the bank said in a report. Without large-scale investments in housing, transport, water, and waste management systems, India will face escalating costs from weather-related damage, said the report entitled 'Towards Resilient and Prosperous Cities in India'. 'Cities need to become more resilient if people living in those cities are going to be safe,' Auguste Tano Kouame, theWorld Bank's country director for India, said at the launch of the report, which was prepared in collaboration with India's urban development ministry. Urban flooding already causes an estimated $4 billion in annual losses in India, the report found. That figure is projected to rise to $5 billion by 2030 and as much as $30 billion by 2070 without remedial action. India to issue climate risk disclosure rules for banks in the next few months, sources say The report's estimates based on conservative urban population growth put India's investment needs at $2.4 trillion by 2050 and $10.9 trillion by 2070, with those projections increasing to $2.8 trillion and $13.4 trillion respectively if the population is moderately urbanised. 'Timely actions can avert billions of annual damages and losses in flooding and extreme heat while investing in resilient and efficient municipal infrastructure and services,' the report said. India currently spends about 0.7% of its gross domestic product on urban infrastructure, well below global benchmarks, and must significantly scale up public and private financing, the World Bank report said. Federal, state and municipal governments must coordinate to improve project financing and provide climate-linked fiscal transfers. And India must increase partnerships with the private sector in areas including energy-efficient water supply, sanitation, solid waste management, and green buildings, it said. Private finance currently accounts for just 5% of urban infrastructure investment, the report said.
NDTV
2 days ago
- Business
- NDTV
India Needs $2.4 Trillion For Climate Infrastructure By 2050: World Bank
New Delhi: India needs to invest more than $2.4 trillion by 2050 to build climate-resilient urban infrastructure, as its fast-expanding cities face growing challenges from extreme weather events linked to climate change, the World Bank said on Tuesday. The number of Indians living in cities is projected to nearly double to 951 million by 2050 from 480 million in 2020. But erratic rainfall, heatwaves, and rising sea levels are leaving urban areas in the world's most populous nation increasingly vulnerable, the bank said in a report. Without large-scale investments in housing, transport, water, and waste management systems, India will face escalating costs from weather-related damage, said the report entitled "Towards Resilient and Prosperous Cities in India". "Cities need to become more resilient if people living in those cities are going to be safe," Auguste Tano Kouame, the World Bank's country director for India, said at the launch of the report, which was prepared in collaboration with India's urban development ministry. Urban flooding already causes an estimated $4 billion in annual losses in India, the report found. That figure is projected to rise to $5 billion by 2030 and as much as $30 billion by 2070 without remedial action. The report's estimates based on conservative urban population growth put India's investment needs at $2.4 trillion by 2050 and $10.9 trillion by 2070, with those projections increasing to $2.8 trillion and $13.4 trillion respectively if the population is moderately urbanised. "Timely actions can avert billions of annual damages and losses in flooding and extreme heat while investing in resilient and efficient municipal infrastructure and services," the report said. India currently spends about 0.7% of its gross domestic product on urban infrastructure, well below global benchmarks, and must significantly scale up public and private financing, the World Bank report said. Federal, state and municipal governments must coordinate to improve project financing and provide climate-linked fiscal transfers. And India must increase partnerships with the private sector in areas including energy-efficient water supply, sanitation, solid waste management, and green buildings, it said. Private finance currently accounts for just 5% of urban infrastructure investment, the report said.
