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Climate Risks and Financial Solutions
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Insurance market failures loom as insurers retreat from climate-impacted regions, leading governments to assume responsibility. Risk-sharing systems and insurance/capital markets are proposed to scale up Loss and Damage funding. The UK government integrates risk transfer into aid and development financing, aiming to enhance disaster resilience. Wealthy nations could provide $25 billion in annual protection against climate disasters for vulnerable countries, while poor and vulnerable countries are missing out on pre-arranged climate disaster finance.
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How can governments ensure effective insurance coverage for vulnerable regions without exacerbating their financial burdens?
In what ways can the integration of risk transfer into aid and development financing impact the effectiveness of disaster resilience efforts?
What are the potential challenges and benefits of implementing risk-sharing systems and insurance/capital markets to scale up Loss and Damage funding?
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