A staggering 30% of global disasters are a direct result of the risks posed by climate change, said Amit Prothi, the Director General of the Coalition for Disaster Resilient Infrastructure (CDRI). Speaking to CNBC-TV18 on Wednesday (November 29), Prothi highlighted the urgent need for nations and the private sector to incorporate climate risk information into their planning and investment strategies.

"This year has been the hottest ever recorded," Prothi stated. "We are witnessing the impact of increased temperatures on our climate, leading to disruptions in precipitation and cyclonic patterns. The disasters we are facing globally, whether they be hurricanes, earthquakes, or landslides, are increasingly linked to climate change."

Prothi referred to the CDRI's recent global flagship report, which revealed that the cumulative risk associated with climate-related disasters amounts to a colossal $300-330 billion. This figure encompasses the potential loss of infrastructure assets, with the additional disruption of services significantly amplifying the economic impact.

"As we continue to build infrastructure at an unprecedented rate, we must ask ourselves whether we can afford to lose a significant portion of our investments. Our evidence suggests that some countries may face up to a 10% loss of GDP due to inadequate consideration of risk in their investments," Prothi cautioned.

The CDRI director stressed the need for a paradigm shift in how infrastructure investments are approached, urging decision-makers to factor in the long-term impacts of climate change. Prothi pointed out that the private sector is increasingly investing in infrastructure, and there is a growing body of evidence indicating that resilience-focused investments can yield economic opportunities.

"Investing in resilience and considering future losses in today's calculations can lead to more robust and economically viable projects," Prothi asserted. He cited the concept of the "resilience dividend," where investments made today can maximise benefits over the long term.

The CDRI director called for the incorporation of metrics to measure potential future losses and urged a shift toward a holistic approach that considers multiple benefits and long-term resilience.

Prothi acknowledged the challenges in implementing such strategies but expressed hope that ongoing discussions at the current climate conference (COP) would lead to greater clarity and consensus on these crucial issues.

Watch video for the full interview

(Edited by : Shoma Bhattacharjee)

First Published:Nov 29, 2023 8:16 PM IST