Climate change damage to infrastructure poses 'huge' financial risks
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NEW DELHI - Climate-fuelled disasters are damaging roads, railways, power networks and other vital infrastructure worldwide to the tune of hundreds of billions of dollars per year, said an alliance of more than 30 countries, urging better planning for more turbulent weather and rising seas as the planet warms.
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The CDRI, set up in 2019, supports countries to make their infrastructure more resilient to climate shocks and disasters. It used risk models to calculate the disaster losses, which also include damage to social infrastructure such as schools and hospitals and the economic hit from service disruptions.
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About 30% of the annual infrastructure losses due to extreme climate events and disasters - around $280 billion - are borne by low and middle-income nations, putting a stress on their economies, the CDRI report said.
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Making a case for better planning, the CDRI report noted that most of the new infrastructure required by 2050 for low and middle-income countries to develop cleanly has yet to be built - and the finance required remains concentrated in rich nations. Annual infrastructure investment of about $2.9 trillion will be required by 2050 in those nations to bridge the gap for achieving development goals while cutting climate-heating emissions to net zero, the report said.
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