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UK gov announces £20 million disaster risk financing package at COP28

8th December 2023 - Author: Saumya Jain

Announced by Andrew Mitchell, International Development and Africa Minister at COP28, the almost £20 million funding package is part of a £100 million pledge made by the UK government at the annual climate conference in Dubai.

The £100 million in funding aims to support some of the most climate-vulnerable countries to tackle climate change.

Around one fifth of the total funding package is for disaster risk financing and early warning systems, which the government says will help the one-third of the world’s population who are not covered by early warning systems to prepare for both climate shocks and extreme weather, reducing disaster-related mortality and damage.

Additionally, it will provide affordable insurance against climate disasters, such as droughts.

Of the £20 million, £5 million is for the Climate Risk and Early Warning Systems (CREWS) initiative to enable the least developed countries and Small Island Developing States to better prepare for climate shocks and extreme weather.

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£7.4 million is to fund drought insurance protection for Somalia over the next three years through African Risk Capacity (ARC), and £7.1 million is to fund disaster insurance cover in Senegal, Somalia, Madagascar, and Zimbabwe over two years through the Start Network.

The remaining £80 million or so of funding will be used for other climate-related initiatives, including to support climate action in the Middle East and North Africa to support long-term climate stability, and to improve access to climate finance for Small Island Developing States.

The money will also be used to develop a new research hub in partnership with Canada to help local communities address climate shocks, and for an innovative new programme to adapt and strengthen health systems, as well as a new research programme to guide the UK’s future work on climate-resilient health systems.

Lastly, the package will be used to support a new partnership with the International Rescue Committee to reduce the impact of climate-related crises on schools, students and communities.

“The devastating effects of climate change hit the most vulnerable the hardest. These funding commitments will help countries and people be better prepared and protected against extreme weather events and natural disasters. They will help roll out measures such as early warning systems, and open up access to climate finance to build resilient health services,” said Mitchell.

“The UK will continue to press for a bold and ambitious approach to support those on the frontline of our changing climate, and to create a safer planet for us all,” he added.

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