SARAJEVO, Nov. 20 (Xinhua) -- Climate-related damage could shrink Bosnia and Herzegovina (BiH)'s economy by up to 14 percent by 2050, according to the World Bank Group's Country Climate and Development Report for BiH.
The report released on Wednesday warns that BiH needs to invest 6.8 billion U.S. dollars over the next decade to mitigate the growing impacts of climate change.
Floods account for over 90 percent of climate-related damage, a figure the report says underlines the need for nature-based solutions like floodplain restoration and peatland preservation to enhance resilience and economic growth.
Christopher Sheldon, World Bank Country Manager for BiH and Montenegro, said climate change is a threat to BiH's economic stability and public health. He highlighted the recent devastating floods in BiH as a reminder of the costs of inaction.
The report suggests that timely investments in climate adaptation, particularly flood prevention, can significantly protect BiH's economy.
