It seems that the Western Balkans are uniting for the sake of a higher goal! According to the World Bank’s Regional Report on Climate Change and Development, five countries and one disputed territory of the Western Balkans need to invest at least 37 billion dollars over the next decade to adequately protect themselves from the increasingly serious impacts of climate change. These countries, which include Albania, Bosnia and Herzegovina, North Macedonia, Serbia and Montenegro, as well as the province of Kosovo, are facing increasing problems such as floods, forest fires and droughts, which directly threaten human lives, property and productivity.
Floods in the past decade have directly affected about two million people, and the effects of these disasters are expected to grow due to more frequent and intense rainfall. Forest fires have increased by 21% in the last ten years, while droughts and heat waves negatively affect agricultural production and contribute to air pollution, which causes thousands of premature deaths annually in the area.
The World Bank emphasizes that climate change is a serious threat to the economic development of the region and that investments in adaptation are necessary to reduce losses and stimulate economic growth. According to the report, investing in adaptation brings significant economic benefits, especially in low- and middle-income countries, where about four dollars in benefits can be realized for every dollar invested.
The Western Balkans and the participation of the World Bank
In addition, the members of the Western Balkans should reduce emissions of gases with the greenhouse effect. Thus, they would more easily improve energy security, attract foreign investments and other competitors. In order to achieve climate neutrality by 2050, in accordance with the goals of the European Union, the path is clear. Namely, additional investments of 32 billion dollars will be necessary.
These investments would enable the transition to renewable energy sources. We remind you that these include solar energy, wind energy and hydropower. The respective methods of obtaining energy should cover more than 95% of the total needs of the inhabitants. Also, the decarbonization of the construction sector and the transformation of the transport sector are key to achieving the goals.
A significant part of the necessary funds can come from the private sector. But to attract private investment, countries and provinces must ensure a stable regulatory environment and attractive financial markets. Now, how can climate smart practices be improved? The report recommends the following:
- formation of specialized state bodies for climate change
- strengthening regional institutions for better coordination and education reform
The World Bank plans to direct 45% of its funding to climate action by 2025, with nearly $1.2 billion earmarked for this purpose in fiscal years 2023 and 2024.
Source: AgroNews
Source: boljazemlja.com
