In response to calls from the Insurance Development Forum (IDF) and the V20 group of finance ministers from 48 countries vulnerable to climate change, the German Federal Ministry for Economic Cooperation and Development (BMZ) is committing 21 million euros to help protect the poor more. and vulnerable countries against the adverse effects of climate change.
The contribution will also be used to support and develop local capacities for risk and resilience analysis, and is a key part of the German government’s InsuResilience Vision 2025 strategy, which aims to catalyze the financial protection of 500 million people. 2025.
Svenja Schulze, Minister for Economic Cooperation and Development, said: “Adapting to climate change is a top priority for Germany.
“The next IPCC report highlights the urgent need to act.
“Under our G7 Presidency, we will continue to significantly strengthen the efforts of all nations to build resilience in the face of the climate emergency.
“Building on the success of the InsuResilience Global Partnership, we are excited to increase our financial commitment to climate change adaptation and launch the Global Risk Modeling Alliance program.”
AHM Mustafa Kamal, Minister of Finance of Bangladesh, Chairman of the V20, said: “The IPCC report is a stark reminder that we must take action to protect economies and communities from the climate crisis. Insurance and other forms of financial protection are a vital safeguard. But insurance coverage is less where the climate has the most impact.
“We therefore warmly welcome the Global Risk Modeling Alliance (GRMA), as investing in better and more accessible data and analysis will help close the protection gap. The most vulnerable desperately need international support to make financial protection against climate risks more affordable and accessible.
“We appreciate the generosity of the German government in committing €21 million to better protect poor and vulnerable countries and look forward to continued international support to minimize climate vulnerability.”
Denis Duverne, Chairman of the IDF Governing Board, added: “Too often, countries vulnerable to climate change and with the fewest resources have to make difficult decisions about adaptation and resilience based on a narrow and remotely generated view of their risk.
“By combining open technology, cross-sector risk expertise and funding for models and data, and most importantly a joint, hands-on approach with countries, GRMA can accelerate access to risk understanding where it is most needed. no longer needed.”