Nov 22, 2017 Last Updated 9:11 AM, Nov 15, 2017

Insurance for climate damage

Tuvalu PM Enele Sopoaga (right pictured with Cooks PM Henry Puna at the forum) has proposed a climate change insurance facility. Tuvalu PM Enele Sopoaga (right pictured with Cooks PM Henry Puna at the forum) has proposed a climate change insurance facility. Photo: Nic
Published in 2017 October
Tagged under

ONE of the more contentious debates at this year’s Pacific Islands Forum involved a proposal from Tuvalu for a Pacific Islands Climate Change Insurance Facility (PICCIF). There is concern amongst some CROP agencies like the Secretariat of the Pacific Community (SPC) that Tuvalu’s new initiative will duplicate existing programs, such as the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI).

But Tuvalu Prime Minister Enele Sopoaga told Islands Business that the proposal should not cause controversy. “This is something provided for in the Paris Agreement,” he said. “We simply want to walk the talk of the agreement. It’s difficult because there are other insurance schemes, but mainly under the Sendai Framework for Disaster Risk Reduction.

That’s okay - these processes can run in parallel and complement each other.” PCRAFI is a joint initiative of the SPC, the World Bank and Asian Development Bank. It receives major funding from Japan, the Global Facility for Disaster Reduction and Recovery (GFDRR) and the ACP-EU natural disaster fund.

.....to read more buy your personal copy at

 
 
More in this category: Take greater ownership »

Most Read

A story of woe

15 Nov 2017 2017 November

Who pays for climate change

15 Nov 2017 2017 November

Whispers

15 Nov 2017 2017 November

Taking NZ in 80 days

15 Nov 2017 2017 November

Find Us on Facebook