The World Bank is calling for a major increase in investment to help countries tackle the growing threat of natural disasters. At the One Planet Summit in Paris on Monday, the bank unveiled a new plan to mobilize $100 billion in new financing over the next five years.
The plan is known as Disaster Risk Financing and Resilience Initiative. It aims to help countries build resilient infrastructure and improve early warning systems. Additionally, it provides financial assistance to people affected by disasters.
The World Bank estimates that natural disasters cost the world $250 billion each year. The frequency and intensity of these disasters are expected to increase in the coming years due to climate change.
“We need to act now to build a more resilient world,” said World Bank President David Malpass. “The Disaster Risk Financing and Resilience Initiative will help countries reduce their vulnerability to disasters and protect their people and economies.”
The plan has received support from over 50 countries, like France, Germany, Japan, and the USA. The World Bank is seeking additional funding from donors.
The Disaster Risk Financing and Resilience Initiative is aimed at supporting countries in adapting to climate change. It is part of the World Bank’s broader efforts. The bank has pledged $200 billion for climate finance in the next five years.
“We are committed to helping countries build a more sustainable future,” said Malpass. “The Disaster Risk Financing and Resilience Initiative is a critical part of that effort.”
The One Planet Summit gathers leaders across sectors to address climate change. The summit’s main areas of focus are finance for climate action, clean energy transition, and building resilience to climate change.
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