Predictable financing in changing climate
In the coming years, climate change will continue to increase the frequency and intensity of extreme weather events. Vulnerable communities suffer the greatest consequences. Early warning systems have improved over the years, but people continue to perish and suffer from predictable disasters because, too often, early warning does not lead to early action. The common reasons for this are unclear decision-making processes, the lack of understanding of what action is worth taking based on a forecast and the low availability of funding for early action. Since 2014 National Societies have been piloting the forecast-based financing (FbF) approach that enables automatic release of funding based on scientific trigger. Early actions have been implemented through this approach in Togo, Uganda, Peru, Bangladesh and Mongolia. FbF is currently being developed over 20 countries. Last year, the IFRC established the Forecast-based Action by the Disaster Relief Emergency Fund (FbA by the DREF) to enable National Societies access to funds for early action with the FbF approach. We are collaborating with new partners and exploring disaster risk financing options to ensure that money gets where it’s needed, when it’s needed. Join us for a discussion on transformation and scaling up of anticipatory action and financing!