According to NASA, 16 of the 17 warmest years on record have occurred since 2001. So – with climate change high on the global agenda – almost every nation signed the 2015 Paris Agreement, the primary goal of which is to limit carbon emissions and the rise in global temperatures to below 2°C above pre-industrial levels. However, with the acute effects of global warming already being felt, further resilience against climate change is needed.
In a blog contribution for the World Bank, Michael Wilkins, Head of Environmental and Climate Risk Research at S&P Global Ratings, contributes to the discussion. He argues that reducing emissions from infrastructure – particularly transportation – and improving infrastructure resilience in order to mitigate the impact of extreme weather conditions is part of the solution. But meeting both mitigation and adaptation objectives, he concludes, will require more investment for energy-efficient and low-carbon projects.