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Climate risk insurance is a type of insurance designed to mitigate the financial and other risk associated with climate change, especially phenomena like extreme weather. [ 1 ] [ 2 ] [ 3 ] The insurance is often treated as a type of insurance needed for improving the climate resilience of poor and developing communities.
Discussions center on mitigation, adaptation, technology development and transfer, and financial resources and investment. During COP21, the international community funded investment in climate risk insurance as part of the strategies for addressing climate risk.
Climate risk insurance is a type of insurance designed to mitigate the financial and other risk associated with climate change, especially phenomena like extreme weather. [22] [23] [24] The insurance is often treated as a type of insurance needed for improving the climate resilience of poor and developing communities.
Climate change mitigation policies can have a large and complex impact on the socio-economic status of individuals and countries This can be both positive and negative. [299] It is important to design policies well and make them inclusive. Otherwise climate change mitigation measures can impose higher financial costs on poor households. [300]
The economics of climate change mitigation are a central point of contention whose considerations significantly affect the level of climate action at every level from local to global. For example, higher interest rates are slowing solar panel installation in developing countries .
Financial flows for climate change mitigation and adaptation in developing countries [32] Bilateral institutions include development cooperation agencies and national development banks. Until quite recently they have been the largest contributors to climate finance, but since 2020 bilateral flows have decreased whilst multilateral funding has ...
Economists estimate the cost of climate change mitigation at between 1% and 2% of GDP. [148] [149] While this is a large sum, it is still far less than the subsidies governments provide to the ailing fossil fuel industry. The International Monetary Fund estimated this at more than $5 trillion per year. [150] [151]
In 2015, the FSB created the Task Force in order to develop recommendations of voluntary disclosures for listed companies. However, ahead of the COP26 summit (2021), the UK responded to the clear 'leadership vacuum on climate change governance' [7] to become the first G20 country to mandate 1,300 of the UK's largest private companies to disclose climate-related data in line with the TCFD ...
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