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New World Bank fund to insure against climate disasters

AFP  |  Nusa Dua (Indonesia) 

The on Friday launched a new $150 million fund intended to help insure vulnerable countries against natural disasters and the increasing of climate change-linked crises.

The announcement follows a string of recent natural disasters across the world including record storms and a series of deadly quakes in Indonesia, where the Bank and are currently meeting.

The so-called Global Financing Facility (GRiF), set up with money from and Britain, will finance the creation of and other mechanisms so funds are available immediately when crises hit.

"What we are seeking to do... is to change the whole system so countries can rely on funding when necessary that's reliable, that's adequate, that's rapid," said Matthew Rycroft, for

"If they combine that with national systems that work well, it can have a very significant benefit," he added at a panel announcing the fund.

The and other international institutions already have several mechanisms in place to help nations adapt to the risk of a changing environment.

But the new fund is intended to bolster those programmes as the effects of climate change intensify.

"It's too little, but it's not too late, we really need to build the momentum... change fundamentally the way we do our investment," said Laura Tuck, the World


Last week, experts warned of global climate chaos unless societies undertake unprecedented changes to prevent further climate warming.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 12 2018. 16:25 IST