Montenegro, 5.7 billion USD to climate change - WB: Natural disasters "threaten" economic production by 7.9%
Montenegro needs to invest $5.7 billion over the next decade to adapt to climate change, as climate-related disasters threaten to reduce its Gross Domestic Product (GDP) by 7.9% in 2050, the World Bank has estimated.
Timely investment is expected to bring significant benefits, including damage prevention, accelerated economic growth and improved social and environmental outcomes, the World Bank said in the Montenegro Climate and Development Report.
"Investments in urban adaptation, nature-based solutions and human capital development are essential for resilience," the analysis states. Investments in green infrastructure and water management systems, along with floodplain restoration, are cost-effective and benefit ecosystems and communities.
In addition, Montenegro must switch from coal to renewable energy sources in order to achieve net zero emissions by 2050, with the main efforts focused on increasing the energy efficiency of buildings and the electrification of heating and transport .
"The additional investment needed to achieve zero emissions, estimated at approximately $235 million by 2050, would have a minimal macroeconomic impact, with over 70% financed by the private sector through green bonds and public-private partnerships, ” explains the report.
The World Bank noted that floods stand out as Montenegro's most devastating natural hazard, affecting 10,000 people a year and causing an average of $90 million in damage each year. Earthquakes also pose a major risk, affecting 9,000 people a year and resulting in average losses of $70 million.
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