According to a new World Bank report, India should invest more than $ 2.4 trillion by 2050 to develop urban infrastructure. In a study released on Tuesday, the increasing vulnerability of the country’s growing urban population has been exposed on extreme weather events, including heatwaves, irregular rainfall, and sea-level growth.
Topic “To flexible and prosperous cities in India”The report was launched in collaboration with the Ministry of Housing and Urban Affairs of India.
Urban development and climate risk
according to a Roots Report, the number of people living in Indian cities is almost twice from 480 million in 2020, up to 951 million by 2050. Without investing in housing, transport, water and waste management, cities are expected to face rising economic and human costs due to weather -related disruption.
For India, Auguste Tano Kaum, director of the World Bank’s country, said, “If people living in cities are going to be safe, cities need to become more flexible.”
Currently, urban floods result in an estimated $ 4 billion in the annual deficit as a result of urban floods. This figure is estimated to increase by $ 5 billion by 2030 and can reach $ 30 billion by 2070 if the current trend continues.
Investment difference and policy response
The report estimates India’s infrastructure investment $ 2.4 trillion by 2050 and $ $ 10.9 trillion by 2070 by 2050. These estimates increase to $ 2.8 trillion and $ 13.4 trillion respectively under moderate urbanization.
India spends about 0.7 percent of its GDP on urban infrastructure, below global standards. The report asked to improve project financing and introduce fiscal transfer related to climate for more coordination between federal, state and municipal governments.
It also recommends increasing the participation of private sector in areas such as energy-efficient water supply, hygiene, solid waste management and green buildings. Currently, private finance is just 5 percent of the total urban infrastructure investment.
The report stated, “In time, the floods and excessive heat can cause billions of annual damage and losses in the infrastructure and services of the municipality,” the report states.
