Today and tomorrow, June 22 and 23, 2023, global leaders are gathering in Paris, France to attend the Summit for a New Global Financing Pact to enhance financial cooperation in the international community to address the challenges of global poverty and climate change.
Sally Yozell, Director of the Environmental Security Program at the Stimson Center released the following statement on the importance of providing financial institutions the confidence to invest in climate action, using tools like CORVI:
“Last month, Cyclone Mocha struck Myanmar, the strongest ever storm to hit the country, a reminder that climate change is driving more intense disasters that will disproportionately affect those who have done the least to cause this crisis and who already live the most precarious lives. Developing countries will need $160-340 billion every year by 2030 to adapt to the impacts of climate change, a figure that will grow to $315-565 billion annually by 2050 according to the United Nations Environment Programme.
In a world of multiple crises and competing demands for resources, funders need confidence that their investments will be as effective as possible. Providing that confidence requires comprehensive and local information about climate vulnerability that looks holistically across environmental, economic, social, and political risk factors to provide an integrated picture of how climate change will affect a specific community. This type of information is often not readily available, but tools like CORVI can help fill the gap and provide financial institutions with the confidence needed to help governments and other decisionmakers prioritize action and access the climate finance they need to protect the safety and security of their citizens.
This Summit is essential to reform the fractured practices and broken policies of the major global financial institutions like the World Bank and IMF whose policies are hindering needed capital and resources from reaching emerging and developing countries who are facing the climate crisis today. I applaud the leadership of Mia Mottley, the Prime Minister of Barbados, and the Bridgetown Agenda which has been critical in bringing attention to this urgent need and outlining concrete steps that can be taken to address it. Funding for decarbonization, adaptation and building resilience should be accessible to those in need and on par with the climate threats they face.”
CORVI is a decision support tool for leaders who need to make smart climate investments to improve the safety and security of coastal cities. Currently operating in sixteen coastal cities around the world, CORVI organizes data and information across the land and seascape to provide decision makers with the complete risk picture they need to take action.
Visit https://www.stimson.org/project/corvi/ for more information.
The Stimson Center’s Environmental Security program explores the array of environmental threats, both human and natural, that have the potential to undermine national, regional, or global security.
The Stimson Center promotes international security and shared prosperity through applied research and independent analysis, global engagement, and policy innovation.
For three decades, Stimson has been a leading voice on urgent global issues. Founded in the twilight years of the Cold War, the Stimson Center pioneered practical new steps toward stability and security in an uncertain world. Today, as changes in power and technology usher in a challenging new era, Stimson is at the forefront: Engaging new voices, generating innovative ideas and analysis, and building solutions to promote international security, prosperity, and justice.
More at www.stimson.org.
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