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Albania must invest 6 billion dollars to mitigate the damages of climate change

2024-07-19 07:26:00, Ekonomi CNA
Albania must invest 6 billion dollars to mitigate the damages of climate change
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If financial means are not used to protect the negative effects of climate change, the damage will multiply.

In a special report for the Western Balkans on the effect of climate change, the World Bank estimated that Albania needs an amount of 6 billion dollars in the coming years to mitigate the impacts of the climate.

The bank notes that the costs of adaptation are high, but on the other hand, the benefits are even higher. To counter the growing risks associated with climate change, the 6 countries of the Western Balkans will need to consider major investments in adaptation.

The proposed actions and investment costs for an initial adaptation package are $6.0 billion for Albania, $6.8 billion for Bosnia and Herzegovina, $2.8 billion for Kosovo, $5.7 billion for Montenegro, $6.4 billion for North Macedonia, and $9.5 billion dollars for Serbia.

Loss avoidance benefits refer to the fact that investment in climate adaptation saves lives, minimizes loss and property damage, protects human capital investments and reduces productivity losses. For example, an investment of about 1 billion euros in Bosnia saves another 14 billion that could come from damages.

Climate adaptation investments can also unlock new potential in the economy. Investments in climate protection will create new jobs, stimulate business activity, facilitate the development of human capital and attract capital investments that further increase labor productivity.

Adaptation measures should be taken in the forestry and tourism sectors, as the benefits are higher in these two sectors.

The World Bank analyzes that investments in climate adaptation reinforce social and environmental benefits that go beyond economic or financial ones. These shared benefits include improvements in energy efficiency, aesthetics, agricultural sustainability and ecological diversity.

Urban adaptation strategies can also improve the well-being of communities and create more sustainable and climate-resilient cities.

Green cities that adapt to the climate must have green roofs, public parks, which have the ability to influence the reduction of greenhouse gases, increase energy efficiency and promote biodiversity./ Monitor Magazine 





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