Tuesday, 29 November, 2022
E-paper

Invest in ‘Today and Tomorrow’ initiative: UNICEF

  • Diplomatic Correspondent
  • 17 November, 2022 12:00 AM
  • Print news
Invest in ‘Today and Tomorrow’ initiative: UNICEF

Popular News

UNICEF is launching a new climate financing initiative to enhance countries’ climate resilience and disaster preparedness for children and youth and bolster protection for children from the impacts of future climate-related disasters.

‘The Today and Tomorrow’ initiative is an integrated climate change finance solution that, for the first time, combines funding for immediate climate resilience and risk prevention programmes for children today, with an innovative use of risk transfer finance provided by the insurance market for cyclone disasters tomorrow.

“The risks of climate change are no longer hypothetical. And even while we work to build communities’ resilience against climate disasters, we have to become much better in pre-empting risks for our children,” said Karin Hulshof, UNICEF Deputy Executive Director for Partnerships.

In its initial three-year pilot, UNICEF’s Today and Tomorrow will focus on eight countries in four global cyclone basins - Bangladesh, Comoros, Haiti, Fiji, Madagascar, Mozambique, Solomon Islands, and Vanuatu.

To take this effort forward, UNICEF is raising $30 million for the initiative and is calling for additional private and public partners to take action and join UNICEF in helping to close the intensifying humanitarian financing gap for disaster protection for children and youth.

UNICEF’s Today and Tomorrow is the first pre-arranged and event-based climate disaster risk financing mechanism that specifically targets this Child Protection Gap, with full support for the Tomorrow portion of the risk transfer instrument, secured from the German and UK governments under the newly launched G7-V20 Global Shield against Climate Risks.

“We are pleased to support UNICEF in advancing the world’s first child-centred financial protection tool for climate-related hazards and show the new G7/V20 Global Shield Against Climate Risks at work,” said Heike Henn, a Director at the German Ministry for Economic Cooperation and Development (BMZ).

“UNICEF is the first UN institution, as well as one of the largest humanitarian organisations worldwide, to take out a bespoke disaster risk coverage for the protection of children, youth and parents, especially mothers,” said Simon Young, a Senior Director in the Climate and Resilience Hub at WTW, the advisory that designed the insurance solution.