South Africa Advised by World Bank on Climate Insurance, Contingency Fund Options [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The country may take out climate insurance or establish a contingency fund to deal with major adverse weather events, a person familiar with the matter said, asking not to be identified as a public announcement hasn't been made. Municipalities could also be incentivized to invest in infrastructure and other measures to reduce the impact of unexpected weather events, the person said. “National Treasury is receiving technical support from the World Bank to develop the disaster risk response strategy (covering all organs of state) which will address any gaps in financing, flow of funds and data for effective monitoring,” the agency said in a response to questions. The plan comes two years after torrential rainfall in the southeastern province of KwaZulu-Natal killed more than 450 people and caused $2 billion of damage, according to research by Johannesburg's University of the Witwatersrand. Scientists collaborating under the World Weather Attribution initiative attributed the deluge
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