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COP23 looks to finalise loss and damage insurance

November 17, 2017 1:04 am

Loss and damage insurance mechanism may be a day away from being finalised at COP23.

Prime Minister and COP23 President Voreqe Bainimarama says the complex insurance issue has been in the pipeline for years.

Bainimarama says talks have progressed well in Bonn, Germany.

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“At last an insurance mechanism was launched that will finally provide better access to more affordable insurance for those who need it most, additionally this week, the Fiji clearing house for risk transfer was launched which will assist in the sharing of insurance information and solution.”

Speaking at a high level event on loss and damage in the Fiji Pavilion, Bainimarama explained that once the insurance is finalised it will help the most vulnerable, in particular those from Small Island Developing States.

“What this initiative will offer is practical assistance and hope with a general financial arrangement with the partnership from Germany, the United Kingdom and other nations and financial institutions such as the World Bank. Climate vulnerable people around the world will have an avenue to bounce back completely. ”

Meanwhile, Fiji announced earlier in the week a blended finance arrangement with the World Bank of close to eight hundred million dollars for a water and wastewater project in the Suva-Nausori corridor.

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