Reporting by Mathew Carr

June 13, 2024 — Any new global insurance system to deal with adaptation to hot and hazardous weather needs to come on top of grant-based money, India was heard saying at UNFCCC climate talks in Bonn, Germany.

Given the fact that it is the developed countries that have contributed disproportionately to the existing carbon stock and has also extracted massive benefits out of it, they must provide grant based public resources to developing countries in line with agreed UNFCCC texts, one of the country’s finance envoys was heard saying June 12.

Identification of risk and designing insurance mechanisms cannot substitute for the support required for adaptation activities in developing countries, he said.

Adaptation is a priority for us, and if no we are considering an insurance mechanism, it would be a global insurance mechanism that mitigates risk of climate change in developing countries, which are clearly much more vulnerable … and developed countries must make premium contributions to such a mechanism, as per their historic responsibilities (in heating the climate), he said.

Damned hot: June 13, 2024

https://climatereanalyzer.org/wx/todays-weather/?var_id=t2&ortho=1&wt=1