India requires investments of over $2.4 trillion by 2050 to meet the need for new, resilient, and low-carbon infrastructure and services in cities, the World Bank said in a report on Tuesday.
The private sector’s role will be critical in meeting these investments, the multilateral bank said in a report titled ‘Towards Resilient and Prosperous Cities in India’.
Adaptation could avert massive losses
With India’s urban population expected to almost double by 2050 to 951 million, more than 144 million new homes will be needed by 2070, it said.
The report, which studied 24 Indian cities, with a special focus on Chennai, Indore, New Delhi, Lucknow, Surat and Thiruvananthapuram, found that timely adaptation can avert billions of dollars of annual losses from future weather-related shocks.
“For example, annual pluvial flood-related losses can be averted and can amount to $5 billion by 2030, and $30 billion by 2070. Investments in adaptation will also save over 130,000 lives from extreme heat impacts by 2050,” it said.
Indian cities hold tremendous potential as centres of economic growth with 70% of new jobs coming from cities by 2030. However, timely action is needed for cities to deal with impacts from extreme weather events and avert billions of dollars in future losses, the report said.
Call for green urban infrastructure
With over 50% of the urban infrastructure required for 2050 still to be built, India has a critical opportunity to drive resilient urban infrastructure development.
“The imperative for India to build resilient cities at scale is clear. By investing in more green and resilient urban development—including housing, transport, and municipal services – cities can better mitigate extreme heat conditions and urban floods, and continue to grow and create jobs,” said Auguste Tano Kouame, World Bank Country Director.
To urgently help Indian cities and support vulnerable populations, this report outlined key recommendations. It suggested implementation programs to address extreme urban heat and flooding, including better regulation of stormwater, green spaces, installation of cool roofs, and effective early warning systems. Investment also needed in resilient infrastructure and municipal services, energy efficient and resilient housing, modernize solid waste management and make urban transport flood resilient.