DECEMBER 20248TOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTOP STORIESTRANSPORT FACILITIES WORTH $400B AT RISK OWING TO CLIMATE CHANGETransport assets worth approximately USD 575 billion in South Asia, including USD 400 billion in India, are exposed to climate hazards and rapid deployment of resilience measures needed to prevent risk to the sector which contributes significantly to the region's GDP, according to a report.The South Asian region faces cascading economic losses due to climate risks, with disruptions in transport having cascading effects on key sectors such as manufacturing, agriculture, and services among others, as per the report jointly published by Boston Consulting Group (BCG) and Coalition for Disaster Resilient Infrastructure (CDRI).With the frequency and severity of climate events in South Asia escalating sharply in recent years, the cost of inaction in South Asia is staggering and without strategic interventions, climate risks could derail decades of development progress, the report titled 'Transport Infrastructure Reimagined: Forging Resilient Connections 'An Integrated Framework to Unlocking Resilience Dividends for South Asia' said."With USD 400 billion worth of transport assets in India being severely exposed to the perils of disaster and climate change, rapid deployment of resilience measures is a must; innovation has a major role to play," Vineet Vijayavargia, Managing Director and Partner at BCG said in a statement.According to the report, in South Asia transport assets worth approximately USD 575 billion are exposed to climate hazards as of 2022, posing risks to a sector that contributes four to eight per cent of the region's GDP. ADB FUNNELS CAPITAL TO TATA POWER TO BOOST RENEWABLE INFRASTRUCTURETata Power and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MoU) on Thursday to explore financing opportunities for several strategic projects. These initiatives aim to enhance India's power infrastructure while promoting renewable and clean energy solutions.The MoU highlights the evaluation of financing for significant ongoing projects, including a 966 MW solar-wind hybrid project and a pumped hydro storage project. Additionally, it encompasses other projects focusing on energy transition, decarbonization, battery storage, and ongoing capital expenditure to strengthen the distribution networks managed by Tata Power. The estimated total cost of these projects is approximately $4.25 billion.Commenting on the partnership, Praveer Sinha, CEO & MD of Tata Power, said: This MoU reinforces our commitment to advancing India's clean and renewable energy capacity and modernizing our power infrastructure, ensuring sustainable and inclusive growth. These initiatives align with India's ambitious clean energy goals, contributing to energy security and environmental resilience."Tata Power emphasized the pivotal nature of this collaboration as India moves closer to achieving its 500 GW renewable energy target by 2030. The projects under consideration, such as large-scale solar-wind hybrid systems and advanced hydro storage solutions, represent a forward-looking investment in India's clean energy infrastructure. Through these efforts, Tata Power aims to expand the nation's renewable energy capacity, reduce reliance on fossil fuels, and contribute to a sustainable, energy-secure future.
< Page 7 | Page 9 >