New Delhi, July 23 -- Flagging the immense damage caused by urban floods, the World Bank in its latest report has estimated this natural disaster causes an estimated $ 4 billion in annual losses in India. That figure is projected to rise to $5 billion by 2030 and as much as $30 billion by 2070 without remedial action. The report warned of severe consequences if timely action is not taken. Cities could face escalating losses from more frequent and intense climate events such as floods, extreme heat, and water scarcity.
The report titled Towards Resilient and Prosperous Cities in India estimated investment requirement of $2.4 trillion by 2050 and $10.9 trillion by 2070 with those projections increasing to $2.8 trillion and $13.4 trillion res...