New Delhi: Indian cities will require more than $ 2.4 trillion to make flexible and low carbon infrastructure by 2050, as they are rapidly weakened for heatwaves, urban floods and other climatic risks, according to a new World Bank report released on Tuesday.Prepared in partnership with the Ministry of Housing and Urban Affairs, ‘Report to flexible and prosperous cities in India’ warns that economic losses from climate incidents are determined to grow dramatically if the cities fail to work immediately. The report said, “Annual economic loss from rain -related floods is currently estimated at $ 4 billion. They are estimated to increase to $ $ to $ to $ $ to $ $ 5 billion and if no therapeutic action is taken, it may increase between $ 14 billion and 30 billion dollars by 2070.Among the worst affected cities are Delhi, Chennai, Surat and Lucknow, which are identified in the report as exposed to urban heat island effects and flood risks, roughly ecological, due to rapid, irregular expansion in ecologically weak areas. In Delhi, heat stress is expected to be quite sharp. Between 1983 and 2016, the 10 largest cities in India increased by 71%in contact with dangerous heat levels, which increased from 4.3 billion per year to 10.1 billion persons.The report stated, “If emissions at current levels continue, the deaths related to annual heat can increase from 1,44,000 to more than 3,28,000. About 20% of the working hours in major Indian cities may lose due to high heat stress conditions,” the report states, “according to the news agency PTI.The World Bank estimates that an investment of $ 150 billion in the next 15 years can help implement effective flood mitigation measures in existing Indian cities. Heat mitigation alone, it adds, can increase India’s GDP up to 0.4% and saves the lives of 130,000 people annually by 2050.For immediate fiscal reconstruction, the report warns that the current urban infrastructure, only 0.7%of GDP, is “much less than other countries” and must grow to a large extent. Between 2011 and 2018, India’s average annual expenditure was $ 10.6 billion, which would need further in decades, a part of it.“This is both a challenge and an opportunity,” said PTI, saying that August Tano Kaum, director of the country’s country for India. “Without timely action, climate risk such as floods and excessive heat will become much more severe.”The report also stated that India’s urban population was 480 million in 2020 and is expected to double from 1.1 billion by 2070. “More than 144 million new urban homes will be required, double the current housing stock,” it says.Therefore, to reduce these risks, the World Bank estimates that India will have to invest $ 2.4 trillion and $ 10.9 trillion by 2050 by 2070 in areas such as housing, public transport, solid waste management and municipal services.To close the large -scale infrastructure gap, the report urges to exploit in private capital through mechanisms such as green bonds, mixed finance, and access to the International Climate Fund. It asks for maximum financial autonomy for urban local bodies and improves the project’s ability to attract such investments.The conclusion comes a few months before the COP30, the Global Climate Summit, where the countries are expected to introduce the updated National Climate Action Plans, which is known as the national level contribution (NDCs). According to PTI, while only 25 nations, representing only 20% of global emissions, have so far presented to their NDCs, India’s plan would be important to test its climate leadership and maintain the goals of the Paris Agreement.
