World Resources Institute: Accelerating Climate Resilient Infrastructure

The report released by the Intergovernmental Panel on Climate Change (IPCC) of the United Nations pointed out that global warming of 1.5℃ is likely to be achieved in the next 20 years, and the trend of accelerating warming in the future is obvious, and the impact on the earth's ecosystem is irreversible. Countries must increase their efforts to reduce greenhouse gas emissions to slow down the trend of accelerating warming. At the same time, they urgently need to increase investment in climate adaptation to enhance climate resilience and reduce climate risk losses. China is one of the countries most significantly affected by climate change. It is expected that climate risks, mainly droughts, floods and storm surges, will continue to intensify in the future, greatly threatening people's lives, property and food security. Faced with the grim situation, climate adaptation actions are urgent. However, among the many key areas involved in climate change adaptation, strengthening the climate resilience of infrastructure is particularly important to avoid the loss of life and property caused by climate risks.

To this end, this report systematically defines and analyzes climate risks and corresponding climate resilience infrastructure. Through case studies, it focuses on analyzing and predicting typical climate risks such as agricultural drought, urban waterlogging and coastal storm surges that Ningxia, Wuhan and Shenzhen will face in the future. It is found that in the next 30 years, the typical climate risks faced by the three regions will increase, and it is necessary to strengthen the climate resilience of the corresponding infrastructure. For the climate resilience infrastructure that has been invested in the three regions, this report adopts the triple dividend (avoidance of future losses, economic benefits, and social and environmental benefits) analysis framework to systematically analyze the investment returns of agricultural water-saving irrigation facilities, sponge cities and gray-green combined seawalls. It is found that for every 1 yuan invested, a total of 2 to 20 yuan of benefits can be generated in the next 30 years. At the same time, promoting the construction of climate resilience infrastructure in Ningxia, Wuhan and Shenzhen in accordance with local conditions across the country will help to ensure national food security, reduce the risk of urban waterlogging, and resist the invasion of storm surges on coastal areas in the context of accelerated climate change in the future.

Through literature analysis, this report further points out that China's climate-resilient infrastructure faces a serious mismatch between supply and demand of funds. In order to improve the climate adaptability of China's infrastructure, an annual funding gap of nearly 500 billion yuan needs to be filled in the next five years. It is urgent to alleviate the funding difficulties encountered by climate-resilient infrastructure through large-scale capital investment and effective financing methods. Combining international experience, the report proposes that Ningxia, Wuhan and Shenzhen can broaden financing channels through resilience bonds, government and social capital cooperation, and resilience impact bond pilots.

Based on the above analysis, the report finally summarizes the challenges faced in promoting the construction of climate-resilient infrastructure in the future and puts forward corresponding policy recommendations for each challenge.

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