Over $9 trillion investments in infrastructure resilience, Net Zero needed by 2050 to mitigate climate impact: CDRI

Subject :Environment

Section: International convention

Context:

Biennial Report on Global Infrastructure Resilience: Capturing the Resilience Dividend released by Coalition for Disaster Resilient Infrastructure (CDRI).

About the report- Global Infrastructure Resilience: Capturing the Resilience Dividend:

Published by: Coalition for Disaster Resilient Infrastructure (CDRI).
The Global Infrastructure Resilience Report addresses a crucial void in the ongoing discourse on infrastructure resilience by providing a compelling argument from economic, financial, and political perspectives for prioritizing investments in resilience. It brings together an unprecedented collection of evidence, delivering a strong case to significantly increase infrastructure resilience investments.

Key findings:

Climate change may lead to an estimated global average annual loss (AAL) in infrastructure sectors and buildings of between $732 and $845 billion.
Around 14 percent of 2021- 2022 global gross domestic product is at risk.
While climate change is expected to increase AAL by 11 per cent in high-income countries, it may increase by 12-22 per cent in middle-income countries and 33 per cent in low-income countries.
The report advocated for nature-based infrastructure systems, which have average costs of only 51 per cent of gray infrastructure projects.

About CDRI:

CDRI is a global partnership of national governments, United Nations agencies and programmes, multilateral development banks and financing mechanisms, the private sector, and academic and research institutions.
It aims to increase the resilience of infrastructure systems to climate and disaster risks, thereby ensuring sustainable development.
It was launched in 2019, at the United Nations Climate Action Summit in New York.
It is the Government of India’s second major global initiative after the International Solar Alliance, and it demonstrates India’s leadership in climate change and disaster resilience issues.
Members:
- Since its inception, 31 countries, 6 international organisations and 2 private sector organisations have joined CDRI as members.
- 6 International Organisations: Asian Development Bank (ADB), World Bank Group, United Nations Development Programme (UNDP), United Nations Office for Disaster Risk Reduction (UNDRR), European Union, European Investment Bank.
- 2 Private Sector Organisations: The Private Sector Alliance for Disaster Resilient Societies and Coalition for Climate Resilient Investment.

Other initiatives of CDRI:

Infrastructure For Resilient Island States (IRIS):
- IRIS was jointly launched at the World Leaders Summit at COP26 in Glasgow, UK, by the Prime Ministers of India, UK, Australia, Fiji, Jamaica and
- IRIS is a dedicated initiative that aims to support Small Island Developing States (SIDS) in achieving sustainable development through a systematic approach to resilient, sustainable, and inclusive infrastructure.

Global Infrastructure Risk Model and Resilience Index, or GIRI:
- A core initiative of the Coalition for Disaster Resilient Infrastructure (CDRI).
- GIRI is the first ever fully probabilistic risk assessment covering global infrastructure sectors.
- It is expected that it will inform planning, decision making and investment in disaster and climate resilient infrastructure by providing credible and fully comparable probabilistic risk metrics that cover every country and territory in the world.
- The GIRI will measure resilience in major infrastructure sectors, such as power and energy, transport, telecommunications, and water, as well as in social infrastructure such as education and health. The GIRI will estimate risk to major hazards such as tropical cyclones, flood, drought, landslide, earthquake, and tsunami, considering a range of climate change scenarios and will also consider the capacity of countries to manage and reduce the risks they face.

Source: DownToEarth