World Bank presents Climate and Development Report for Croatia

The World Bank presented its Climate and Development Report for Croatia on Wednesday, outlining key priorities for reducing greenhouse gas emissions, strengthening resilience to climate change, and advancing the country's broader development goals.

The report emphasizes the urgent need to address the economic risks posed by rising temperatures, water scarcity, and other climate-related challenges, while identifying strategic investments that could safeguard Croatia's long-term growth.

Speaking at the presentation, Sameh Wahba, Marko Primorac, and Julian Lee highlighted both the risks and opportunities Croatia faces in transitioning to a more sustainable and climate-resilient economy.

"We know that heat and water scarcity can reduce tourism revenues by up to 11 percent, and that heat can lower agricultural productivity by as much as 15 percent. These are critical sectors for the Croatian economy. But the good news is that with a relatively small investment-just 0.04 percent of GDP-losses due to climate change could be reduced by up to 50 percent," said Sameh Wahba, Regional Director for Sustainable Development in the Europe and Central Asia region at the World Bank.

Marko Primorac, Deputy Prime Minister and Minister of Finance, said the country was being offered a new financial instrument that would provide €100 million as insurance in the unlikely event of significant natural disasters.

"Demonstrating ambition in Croatia's transformation can lead to higher growth, reduce the risk of poverty, protect people, boost energy security, and increase trade value. We see this as a valuable and forward-looking commitment that Croatia has clearly shown," added Julian Lee, Senior Climate Change Economist at the World Bank.

The Climate and Development Report serves as part of the World Bank's ongoing efforts to support Croatia in achieving sustainable growth while adapting to the realities of a changing climate.