Bosnia needs $6.8 bln to tackle climate change impact - World Bank

SARAJEVO (Bosnia and Herzegovina), November 21 (SeeNews) - Bosnia and Herzegovina needs to invest $6.8 billion (6.4 billion euro) over the next decade to protect its people, property and economy from the impacts of climate change, the World Bank Group said.

Climate-related damages could decrease Bosnia’s economy by up to 14% by 2050, the World Bank Group said in its new Country Climate and Development Report (CCDR) for Bosnia on Wednesday.

The report highlights that floods are responsible for over 90% of climate-related damages, emphasising the importance of nature-based strategies like restoring floodplains and preserving peatlands to enhance resilience and promote economic growth.

“Climate change is not just an environmental challenge; it is a direct threat to Bosnia and Herzegovina’s economic stability, public health, and social well-being,” said Christopher Sheldon, World Bank country manager for Bosnia and Herzegovina and Montenegro.

The report also stresses the need for a just transition to a low-carbon economy by 2050, including phasing out coal, expanding renewables like solar and wind, improving energy efficiency, and implementing government measures to prevent energy poverty and support low-income households.

In addition to focusing on enhancing resilience and transitioning to cleaner energy, the report recommends building strong institutions and regulatory frameworks to ensure effective and sustained climate action.

Severe flooding struck southern Bosnia during the night of October 3-4, leaving 27 people dead.

($ = 0.948 euro)