Climate change damage to infrastructure poses 'huge' financial risks
(Context, 4 Oct 2023) Planning for more resilient transport and power networks could avert billions of dollars in losses each year from extreme weather.
Climate-fuelled disasters are damaging roads, railways, power networks and other vital infrastructure worldwide to the tune of hundreds of billions of dollars per year, said an alliance of more than 30 countries, urging better planning for more turbulent weather and rising seas as the planet warms.
Disasters are causing average losses of $732 billion-$845 billion each year to infrastructure and buildings, equal to 14% of growth in global gross domestic product in 2022, estimated the Coalition for Disaster Resilient Infrastructure (CDRI).
Amit Prothi, director general of the Delhi-based CDRI, said the figures in its first report, issued on Wednesday, are "striking as they show the huge financial risk we carry today due to natural hazards and climate-related extreme events".
The urban planning expert, who has worked in more than 15 countries including in North America, Asia and Europe, said it was important to get the numbers "in front of the decision-makers" to make the case for more robust infrastructure.