World Bank Report: Over 75 per cent of households likely to face extreme weather in next decade

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Amid the rising global temperature, experiencing the current heat from the past few years has not been easy. To make the situation even worse, recently, a World Bank report stated that more than 60 per cent of households and firms have experienced extreme weather in the last five years, and over 75 per cent are expected to face it in the next decade.

As reported by ANI, The recently concluded report by the World Bank has been named as 'From Risk to Resilience: Helping People and Firms Adapt in South Asia'. Addressing about the report, the World Bank has warned that South Asia in the coming few years will face a sharp rise in temperature and people can experience sheer heat. The report also states that nearly 90 per cent of the population is expected to be exposed to intense heat by 2030.

The report from the World Bank explaining about a different situation also suggests that public budgets are under pressure, and said that much of the adaptation effort needs to come from the private sector. This report has also outlined policy reforms that would help households and firms adapt to increasingly frequent and damaging weather events.

While addressing the media, the World Bank also stated that "Released today, From Risk to Resilience: Helping People and Firms Adapt in South Asia" finds that awareness of climate risk is high. More than 60 per cent of households and firms have experienced extreme weather in the past five years, and more than 75 per cent expect it for the next decade. Many households and businesses are already taking steps to adapt to climate risks."

"Around 80 per cent of households and 63 per cent of firms have taken some measures to adapt. However, most of these measures are basic, such as raising house foundations or installing fans. More advanced options, like using climate-resilient seeds or relocating from high-risk areas, remain less common," the report added.

According to the report by the World Bank, market restrictions and income constraints are impeding further adaptation. Households with greater education or access to formal financing are more likely to apply sophisticated techniques. Furthermore, better-managed organisations with fewer regulatory barriers are more flexible, and reducing these barriers would allow households and businesses to adjust more effectively.

Addressing in more detail the report from the World Bank, Chief Economist for South Asia, Franziska Ohnsorge, said, "Private sector adaptation could reduce one third of the region's projected climate damage, but its success requires governments to strengthen enabling environments," as per ANI.

"Adaptation is most effective when markets function well and when essential services like transport, water, healthcare, and digital connectivity are widely accessible," he added.

As reported by ANI, the World Bank Vice President for South Asia, Martin Raiser, stated, "The urgency is growing. People and firms are already adapting, but they are doing so with limited tools and few resources."

"Governments must act quickly to remove the barriers that prevent more effective adaptation. This includes removing distortions in land and labour markets, expanding access to finance and investing in public infrastructure to support people and businesses as they respond to climate risks," he added.

When asked about the predictions that this report made on the Indian region and Southeast Asia, the report noted that cities like Ahmedabad are leading with heat action plans to protect urban populations from rising temperatures. These plans demonstrate how targeted investments and effective institutions can successfully bolster local adaptation.

Implementing a comprehensive package of adaptation measures, prioritising solutions that support both development and climate resilience, and aligning adaptation strategies with long-term development goals to ensure lasting progress were the three core principles that guided policy action in the report.

In the release, World Bank Chief Economist for South Asia, Franziska Ohnsorge, said, "Private sector adaptation could reduce one third of the region's projected climate damage, but this requires governments to strengthen enabling environments."

"Adaptation is most effective when markets function well and when essential services like transport, water, healthcare, and digital connectivity are widely accessible," she added.

(With ANI Inputs)