India needs to pour in $2.4 trillion by 2050 to equip its fast-expanding cities against worsening floods, heatwaves, and other climate threats, the World Bank said on Tuesday.
India’s urban population is expected to rise sharply to 951 M by 2050, up from 480 M in 2020 and the rising concerns of volatile rainfall, heatwaves and rising seas are worsening the situation for the world’s most populous country, according to the World Bank.
Unless India strengthens its housing, transit, water, and waste networks, it risks growing financial fallout from extreme weather, the report noted.
Urban areas need to strengthen resilience to protect their populations,” said Auguste Tano Kouame, World Bank’s India country director, during the report launch with India’s urban development ministry.
India now incurs roughly $4 billion per year in urban flood damage, with expected losses rising to $5 billion by 2030 and $30 billion by 2070 without preventive steps, the report noted.
According to the report, India’s urban investment needs are $2.4 T by 2050 and $10.9 trillion by 2070, climbing to $2.8 trillion and $13.4 trillion under moderate urbanisation scenarios.
Prompt measures can save billions each year from flood and heat losses by investing in robust, efficient city infrastructure,” the report stated.
India’s urban infrastructure spending is a mere 0.7 percent of GDP, far below global averages, requiring a substantial increase in public and private financing, according to the World Bank report.
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Authorities must align funding and climate-related transfers, while India should grow private sector collaborations in water, sanitation, waste, and eco-friendly buildings, the report stated.
