India’s Cities Need $2.4 Trillion By 2050 To Survive Climate Change

India-West News Desk

NEW DELHI- A report from the World Bank, released on July 22 in collaboration with India’s urban development ministry, states that India needs to invest over $2.4 trillion in climate-resilient urban infrastructure by 2050.

The report warns that without large-scale investment, the nation’s fast-expanding cities will face escalating costs from extreme weather events.

India’s urban population is projected to nearly double to 951 million by 2050, pointed out Reuters.

The report, titled “Towards Resilient and Prosperous Cities in India,” notes that erratic rainfall, heatwaves, and rising sea levels are making these urban areas increasingly vulnerable. Auguste Tano Kouame, the World Bank’s country director for India, emphasized at the report’s launch that “Cities need to become more resilient if people living in those cities are going to be safe.”

The financial risks are already apparent, Reuters noted. The report estimates that urban flooding currently causes $4 billion in annual losses, a figure projected to rise to $5 billion by 2030 and potentially $30 billion by 2070 without preventative action.

Based on conservative urban population growth, the report estimates India’s investment needs at $2.4 trillion by 2050 and $10.9 trillion by 2070. These projections could increase to $2.8 trillion and $13.4 trillion respectively if the population is moderately urbanized.

The report also highlights that India currently spends only about 0.7% of its GDP on urban infrastructure, well below global standards.