PARIS, 25 April. - (ANA) - Massive investment is needed in sustainable infrastructure to build climate change resilience. While infrastructure is key to a well-functioning society and economy, climate-related disasters can lead to widespread infrastructure failure and damage, which disproportionately impacts developing countries. 

 

Infrastructure is key to a well-functioning society and economy, enabling the circulation of people, goods, services and information. However, climate-related disasters can lead to widespread infrastructure failure and damage, which disproportionately impacts developing countries. 

 

Governments, at all levels, should systematically factor climate resilience into infrastructure planning and decision-making, including by prioritising sustainable projects, to help reduce societal and economic vulnerability and avoid long-term costs.

 

 

 

 

With record global temperatures around 1.4 degrees Celsius above pre-industrial averages in 2023, the world is experiencing more severe heatwaves and floods, more frequent droughts, longer wildfire seasons and rising sea levels.

 

Between the 1970s and the 2010s, the number of recorded climate-related extreme events increased significantly, while recorded economic losses from such disasters increased sevenfold from USD 198 billion to USD 1.6 trillion. Infrastructure assets make up an important share of this economic damage.

 

 

 

Developing countries are particularly vulnerable to extreme weather events, as they are to all natural disasters, especially the Least Developed Countries (LDCs) and Small Island Developing States (SIDS). High financing costs and other challenges also hinder their ability to build quality infrastructure and achieve their development goals.

 

 

 

 

Finance flows for climate-resilient infrastructure are insufficient to address the growing impacts of climate change. To meet climate and development objectives by 2030, an annual investment of USD 6.9 trillion in sustainable infrastructure is needed globally. Investing in climate-resilient infrastructure systems is cost effective, can save lives and support continued economic growth, reducing vulnerability to current and future climate shocks.

 

 

 

Regional and local governments are important investors in climate-resilient infrastructure. Subnational governments were responsible for 69% of climate-significant public investment in OECD and EU countries in 2019. To plan, deliver and maintain local climate-resilient infrastructure, many subnational governments will need to adopt new funding approaches and better mobilise climate finance. - (ANA) -

 

AB/ANA/25 April 2024 - - -