Mumbai's spendings will be double of New York's to manage urban heat generated due to concretisation
Mumbai will spend more than double of New York's to manage urban heat generated due to massive concretisation as the summer 2023 has underscored the need to mitigate the impacts of record-breaking heat, particularly in cities around the world subject to the urban heat island ( UHI ) effect (increase in heat due to man-made concretization) which causes them to experience significantly hotter temperatures than in neighbouring rural areas, warns a latest international study.
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According to a case study by the Moody 's RMS, an international risk management company that has been helping customers evaluate and manage the risks of natural and man-made disasters by building risk-management solutions, Mumbai shows 126 percent increase in risk mitigation costs year on year due to heightened urban heat stress and if considered the higher-emissions scenario in the year 2050, study shows a 166 percent increase.
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Moody’s high-resolution modelling of the temperature, productivity, operational and health impacts of raised urban temperatures worldwide, provides critical information with insights into (1) the regional adoption of air conditioning (AC) by line of business; (2) the health and financial impacts resulting from the loss of worker productivity; and (3) the escalation in energy costs associated with increased AC usage. Globally, businesses and employees are having to adapt to these heat-related challenges.
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No longer just a future projection, summer 2023 and the underlying trends to even hotter temperatures underscore the need for business leaders in banking, commercial real estate, and insurance to make informed decisions, define goals, and prioritize investments that can mitigate the impact of record-breaking heat,” the study paper stated.
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