The World Bank will help Bulgaria protect and better manage its natural assets, like forests and air, as well as mitigate the risks of climate change, the Bank said in a statement.
Two contracts for analytical and advisory services were signed on September 28 between the Bank and the Ministry of Environment and Water to be funded under the EU Operational Programs Environment and Good Governance.
The third contract for forestry, supported by EU Rural Development Funds, was endorsed by the Ministry of Agriculture and Food earlier in September.
Under the contract for addressing the climate risks, the World Bank will assess the macroeconomic implications of climate change in Bulgaria.
World Bank experts will study key sectors including agriculture, forestry, water, transport and infrastructure, and their findings will contribute to Bulgaria’s Climate Change National Adaptation Strategy and Action Plan.
According to the World Bank report from 2014, Bulgaria is exposed to almost all types of natural disasters and perils associated with climate change. Those risks may cause loss of human life as well as damages of millions of euro every year, largely affecting economic stability and growth.
For the full story, please click here.
(Photo: Boris Dzhingarov)