Climate change is not something in the far future, but a reality today. Especially for vulnerable countries, those least prepared to cope with the effects of climate change. Every year, on 22 April, Earth Day reminds people in more than 175 nations just how precious our environment is and how much sense it makes to protect it. In focus this year: How do we fund this race against time, this “Race to Zero”?
This issue was discussed by experts from around the world during the Earth Day broadcast organised by the “We Don’t Have Time” social network. Among them was Annette Detken, Head of the InsuResilience Solutions Fund. She spoke about the role of climate and disaster risk insurance in strengthening the resilience of vulnerable countries disproportionately affected by the consequences of climate change. As she says, “We don’t have time. Climate and disaster risk insurance covering extreme-weather events are an important source of climate finance to make vulnerable countries more resilient.”
Acting on behalf of Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), international development bank KfW Entwicklungsbank has set up and financed the InsuResilience Solutions Fund (ISF), which is managed by Frankfurt School. ISF aims to strengthen the resilience required to deal with the impacts of climate change and natural disasters at micro, meso and macro level. The fund finances the development of innovative, sustainable insurance solutions for climate-risk cover tailored to the needs of households, small and medium-sized enterprises (SMEs), humanitarian organisations and governments in developing countries and emerging economies impacted by climate change. For further details, visit www.insuresilience-solutions-fund.org