Bosnia and Herzegovina faces significant climate risks, including floods, wildfires, and severe air pollution. A World Bank report reveals that the country needs to invest $6.8 billion over the next decade to mitigate the effects of climate change.
This investment will help protect Bosnia’s economy and public health from increasing climate-related disasters.
Flooding Threatens Bosnia’s Economy
Floods, one of Bosnia’s major climate hazards, could shrink the country’s economy by up to 14% by 2050. The World Bank emphasizes the importance of nature-based solutions like floodplain restoration and peatland preservation to build resilience. These solutions can also promote economic growth while addressing climate impacts.
The World Bank’s Country Manager for Bosnia and Montenegro, Christopher Sheldon, stated that climate change is not just an environmental challenge. He highlighted that it directly threatens Bosnia’s economic stability, public health, and social well-being, according to Reuters.
Recently, floods struck parts of Bosnia, killing 27 people and causing severe damage to homes, farms, and transport infrastructure. The floods in 2014 affected over one million people and resulted in damages equivalent to 15% of the country’s GDP.
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Investing in Climate Adaptation and Prevention
The World Bank report stresses that timely investments in climate adaptation, especially in flood prevention infrastructure, can protect Bosnia’s economy. By focusing on early action, the country can reduce future losses.
This aligns with the broader goals of the COP29 summit in Azerbaijan, which emphasizes funding for developing countries’ climate adaptation and energy transition.
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Green Transition and Renewable Energy Goals
The report also highlights the need for Bosnia and Herzegovina to undergo a green transition by 2050. This transition includes phasing out coal and lignite power, expanding renewable energy sources such as solar and wind, and improving energy efficiency across sectors.
Bosnia currently generates about 60% of its electricity from coal-fired plants and the rest from hydro. The country has set a target of achieving 43.6% renewable energy in power production by 2030.
Private Sector Role in Decarbonization
The report indicates that the private sector will be crucial in funding Bosnia’s decarbonization efforts, particularly in the transport, building, and power sectors. This funding will be essential to meet the country’s climate adaptation needs.
Building Strong Institutions for Climate Action
Finally, the World Bank report calls for the establishment of strong institutions and regulatory frameworks to ensure effective climate action. With the right investments and planning, Bosnia and Herzegovina can build resilience to climate change and achieve long-term sustainable development.
