Cities urged to boost investments in resilience
Between now and 2030, natural disasters are expected to force 77 million urban dwellers into poverty.
That’s one troubling finding in a new report from the World Bank and the Global Facility for Disaster Reduction and Recovery. The report urges city leaders to accelerate their investments in urban resilience to guard against a rise in natural disasters and the worsening effects of climate change.
Investing in Urban Resilience emphasizes the upsides of a proactive approach. Manmade and natural disasters could cost cities a total of US$314 million a year, up US$65 million over today’s annual price tag for disaster response
The report acknowledges that some municipalities throughout the Global South face significant obstacles to implementing risk mitigation. These include steep upfront costs, lack of private-sector participation and limited capacity for planning and finance. A roster of “investor-ready projects” and stringent building codes are among the steps cities can take toward increased resilience, the report says.
The report details several funding mechanisms for cities to consider. These include leveraging private investment and tapping state-owned sovereign funds.