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THE US yesterday announced that it will be contributing $30 million to climate risk insurance initiatives in the Pacific, Central America, and Africa to help small island nations respond to severe climate-related impacts.
At a meeting with leaders of small island nations in the three regions, President Barack Obama said the move was part of a broader set of actions to help vulnerable populations strengthen their climate resilience, from providing climate data, tools and services, to incorporating climate resilience considerations into development assistance.
“The announcement is an important step toward the goal G-7 leaders set this summer to increase by up to 400 million the number of people in the most vulnerable developing countries who will have access to insurance against the negative impact of climate change hazards by 2020,” the WHite House said in a statement to the press yesterday.
The funds will support insurance initiatives under the Pacific Catastrophic Risk Assessment and Financing Initiative, expand the Caribbean Catastrophic Risk Insurance Facility to include Central American countries, and support the African Risk Capacity programme.