Today, at a meeting with leaders of small island nations, President Obama announced a U.S. contribution of $30 million to climate risk insurance initiatives in the Pacific, Central America, and Africa. As 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 contributions announced today will increase climate risk insurance coverage to help respond to severe climate-related impacts.
This 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. U.S. funds will support insurance initiatives under the Pacific Catastrophic Risk Assessment and Financing Initiative, expand the Caribbean Catastrophic Risk Insurance Facility to cover Central American countries, and support the African Risk Capacity program.
Source: U.S Department of State
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