Forecast-based Financing: Investing in humanitarian action before disasters strike
- German Red Cross, German Federal Foreign Office
- Klose-Zuber (S08firstname.lastname@example.org)
ISL Interpretation: No
Remote Participation: No
Forecast–based Financing (FbF) is a mechanism that uses climate forecasts to enable the timely disbursement of funds to implement preparedness actions before a potential disaster happens. Many times, early actions fail to be implemented due to lack of funds or mandates in the exact moment when they needed to be implemented. FbF enables the implementation of these actions, through analysis of impacts, danger levels, forecast skill and triggers.
The side event is going to explore opportunities and challenges for the implementation of a FbF mechanism in Latin America that have been gained through a two years pilot phase.