Patricia Scotland: Climate change worsening global housing crisis

Growing climate risks are significantly reducing housing affordability worldwide due to rising costs of rebuilding, Patricia Scotland, a member of the UK House of Lords and former Secretary-General of the Commonwealth, said at an event during WUF13, Report informs.

She stated that real estate investments should consider disaster resilience factors from the outset.

She emphasized that during Azerbaijan's presidency of COP29, significant work was done to successfully align the climate and urban agendas globally.

According to Scotland, three practical steps are required to change the situation globally, including mitigating risks at the early stages of project preparation.

She noted that banks and donors should finance project preparation mechanisms focused on streamlining property rights.

"Every dollar invested in project preparation attracts $15 in private investment," she stated.

Scotland also noted that projects that meet high environmental standards should receive preferential terms from investors and insurers.