What it's about:
A new finance framework that ensures funding for climate change adaptation is effective has been successfully tested in South Asia.
The Financing Framework for Resilient Growth (FFRG) helps governments integrate climate change adaptation into their policies and budgets at local and national level, according to a report from the Action on Climate Today initiative.
The FFRG tracks the cost of climate change damage through departmental budgets and quantifies countries’ total expenditure on adaptation. It has been implemented in Bangladesh, Nepal, Pakistan, Philippines and Thailand.
The framework also provides governments with a mechanism to calculate the gap between current funding and what is required to prevent climate-related damage.
Why it's noteworthy:
Climate change damage could cost as much as $500 billion globally by 2050, with South Asia under threat of losing nearly 2 percent of its GDP by 2050, experts estimate.
International climate finance mechanisms have so far failed to deliver a robust framework for addressing climate change. In particular, adaptation is severely underfunded, with experts warning many people and critical infrastructure are at risk.
The FFRG aims to fill this gap, providing governments with the tools to identify key areas that require funding and implement long-term strategies to tackle the impacts of climate change.
Read it on
Asian Cities Climate Change Resilience Network