The German Federal Ministry for Economic Cooperation and Development has announced that it will contribute US$125 million to support a new global partnership in bringing affordable insurance and other financial protection to millions of vulnerable people around the world.
This major new initiative supports the Fijian’s Presidency’s priority of ensuring COP23 looks for ways to take care of the vulnerable.
The announcement was made during the launch of the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions as part of the High‑Level COP23 Presidency Event on resilience and risk sharing.
The German Federal Ministry for Economic Cooperation and Development has joined forces with COP23 Presidency, the Ethiopian Chair of the V20, the United Kingdom and the World Bank to launch this Global Partnership.
Prime Minister and COP 23 President Voreqe Bainimarama says the Global Partnership is a practical response to the needs of those who suffer loss because of climate change.
Bainimarama says it is a means of preparing for a more resilient form of development for those who will have to adapt to the great challenge of climate change
The Executive Secretary of the UN Climate Change secretariat Patricia Espinosa says people are devastated by recent weather events and communities vulnerable to climatic impacts are looking to the nations meeting in Bonn for an answer, for support and hope for the future.
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