BMZ backs new global partnership with 110 million euros

November 14, 2017 | COP 23 Presidency Event | Bonn, Germany

At the UN Climate Conference in Bonn on November 14, Parliamentary State Secretary of the Federal Ministry for Economic Cooperation and Development (BMZ) Thomas Silberhorn, Fiji Prime Minister and COP23 President Frank Bainimarama, the World Bank and the V20 launched the Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions.

Around 500 participants attended the event in the "Bonn Zone" organised by the GIZ’s Development Policy Forum on behalf of BMZ and in cooperation with the UN Secretariat for the United Nations Framework Convention on Climate Change (UNFCCC).

In his opening address, Prime Minister Frank Bainimarama pointed out how hard it could be for people protected by prosperity to truly understand the needs and privations of the poor. Climate change, he noted, was threatening to undo any progress achieved so far in global development.

„Towards a resilient future: Frontiers of risk sharing“

Parliamentary State Secretary Thomas Silberhorn added, "Developing countries have been particularly hard hit by climate change, although they have contributed the least to global warming. In many developing countries, extreme weather events are threatening people’s entire basis for existence."

Silberhorn emphasized the benefits of the newly formed partnership: "This is the first time we have brought representatives of the world's poorest and most vulnerable countries and the economically powerful G20 to the table. Together we can better protect poor people from the effects of climate change."

According to Silberhorn, in Bangladesh alone, the fields of 1.5 million farmers were destroyed by the most recent hurricanes, and the damage caused by climate change worldwide totalled around 300 billion dollars.

The new global partnership builds on the InsuResilience initiative founded under the German G7 Presidency in Elmau in 2015, which aimed to insure an additional 400 million poor and particularly vulnerable people against climate risks in developing countries by 2020.

The new global partnership will serve dual objectives. It aims to enable governments to react more quickly and effectively after a natural disaster and effectively minimise possible consequential costs, while also helping them better prepare for the risks posed by climate change and natural disasters, such as by establishing seed banks or drawing up emergency plans.

A wide variety of representatives from developing and industrialised countries, international organisations and development banks, the private sector, civil society and academia are working together to develop tangible and practicable approaches to guarding against the financial risks of climate and natural catastrophes. The Global Partnership intends to develop and implement innovative insurance and financing solutions tailored to the specific needs and challenges of the impoverished in each respective country.

Picture above: Photo: Martin Magunia

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