Investing in Climate Change Adaptation in Fragile Contexts

A panel at the World Economic Forum in Davos, Switzerland looked at how commitment to climate adaptation finance in fragile communities has been lagging behind, despite numerous warnings. Climate research estimates that climate and weather related disasters have surged five-fold over 50 years and disproportionately impact poorer countries. The United Nations says the world’s 10 most fragile countries are only receiving less than 1% of climate adaptation finance. According to the global body an anticipatory response to disasters could yield a 7-1 return on investment in one year. The question is how will organisations support climate adaptation and resilience for the world’s most vulnerable communities? Standard Bank’s Head of Corporate Citizenship Wendy Dobson says “With the world’s most vulnerable communities affected by climate-related weather events and disasters, mainly in Africa, receiving only receiving 1% of climate adaptation finance, Standard Bank recognises the need to develop targeted investment mandates into these regions to support a just transition.” The Bank aims to provide an additional ZAR 50 billion of financing for renewable energy power plants over the next three years, and to underwrite the financing of a further ZAR 15 billion of renewable energy power plants over the same timeframe.

SOURCE: AFRICA.COM