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Building Financial Resilience to Climate Impacts

A Framework for Governments to Manage the Risks of Losses and Damages

image of Building Financial Resilience to Climate Impacts

Governments are facing significant climate-related risks from the expected increase in frequency and intensity of cyclones, floods, fires, and other climate-related extreme events. The report Building Financial Resilience to Climate Impacts: A Framework for Governments to Manage the Risks of Losses and Damages provides a strategic framework to help governments, particularly those in emerging market and developing economies, strengthen their capacity to manage the financial implications of climate-related risks. The goal of the framework is to support sound public financial management strategies that take into account budgetary and financing constraints, and to foster broader actions at the national and international levels.

The report examines the role of governments in identifying and assessing climate-related physical risks and their impacts on public finances, and reporting climate-related fiscal risks to promote transparency in public financial management. It discusses how to mitigate those risks through protecting households and businesses, and developing integrated multipronged financial strategies to fund government expenditure needs. Finally, it calls for promoting integrated strategies to strengthen financial resilience at the country and regional levels, and for mobilising development co-operation to strengthen global climate financial resilience.

English

Towards a framework for action

This final chapter provides a strategic framework for government action for the financial management of climate-related risks. At national level, it proceeds from the assessment and mitigation of climate-related fiscal risks, to developing multipronged government financial strategies, which take into account the extent of budgetary resources and financing capacities. At the international level, it emphasises the importance of integrated strategies to promote global climate financial resilience through coordinated donor action, particularly in support of economies facing high level of risks and possessing limited resources to manage them.

English

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