Chennai Corporation to collaborate with International Finance Corporation to promote climate investments

GCC to collaborate with IFC to promote climate investments in Chennai. Plan to mitigate climate hazards, 3.8 lakh slum residents affected by floods every 5 yrs, 67 sq km of coastal area to be permanently inundated by 2100. Projects to attain carbon neutrality & water balance by 2050, 80% of trips to be on walking, cycling or public transport.

The Greater Chennai Corporation (GCC) is all set to collaborate with the International Finance Corporation of the World Bank Group, to promote climate investments as part of its implementation of a climate action plan.

After a series of deliberations, the civic body is expected to move into the implementation phase of the Chennai Climate Action Plan, and is likely to prepare a climate investment opportunities diagnostic, which is an investment plan covering the analysis and prioritisation of potential investments across different urban sectors.

As part of the implementation of the climate action plan, the Chennai Corporation is expected to mitigate the impact of climate hazards such as sea water intrusion, surface water pollution, ground water pollution, reduction of levels in waterbodies, water scarcity, reduction in rainfall, urban heat islands, coastal floods, severe winds, irregular monsoon and floods.

At least 29% of Chennai is at risk of floods over a return period of five years, with 20 cm of rainfall, while 56% of the city is at a risk of floods over a return period of 100 years, with 47 cm of rainfall, according to a study. According to estimates, 3.8 lakh residents in slums have been affected by floods every five years.

Additionally, a total of 67 sq km of the coastal area of Chennai is expected to be permanently inundated because of sea level rises, by 2100, affecting 10 lakh residents in low-income neighbourhoods.

Also, civic infrastructural facilities including 28 bus stops, four suburban railway stations, 18 Metrorail stations, three sewage treatment plants, two power plants, 14 schools, 12 hospitals, five fire stations, three police stations and 18 relief centres are likely to be inundated by 2100.