The world’s largest cities will need to ramp up their adaptation measures in order to withstand the effects of climate change, according to a new report by Goldman Sachs.
According to the report, cities house 55 percent of the world’s population, or 4.2 billion people, a number that is expected to rise to 68 percent (6.7 billion people) by 2050, the United Nations calculates. Cities generate around 80 percent of global GDP.
They also consume 75 percent of the world’s natural resources and are particularly vulnerable to higher temperatures, more frequent and/or intense storms, rising sea levels and stronger storm surges, all of which can affect economic activity, damage infrastructure — from buildings to transportation to water and waste-management systems — and disproportionately harm residents.
The main drivers of global warming are greenhouse gas emissions. To limit global warming to the Paris Agreement goal of 35°F this century, cities would need to reach zero net by 2050. Even then, warming would still occur due to the effects of past emissions in the atmosphere.
“The path ahead isn’t clear, and tomorrow’s reality may not match today’s expectations — it may be better, or worse, or it may play out in unimagined ways,” stated the report. “If climate change is worse than anticipated, even adaptive measures that seem prudent today may prove to be insufficient in the future.”
While many cities have launched sustainability efforts, largely geared toward reducing greenhouse gas emissions, their adaptation efforts are lacking.
According to Goldman Sachs, there is a wide range of potential urban adaptation investments that they can undertake, some of which may be highly specific to the on-the-ground needs of a particular area. These include coastal protections, climate-resilient construction, more robust infrastructure, upgraded transport systems and more. In fact, urban adaptation has the potential to drive one of the largest global infrastructure build-outs in history.
Read the full report here.
