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Opinion / #poverty
There are many proven ways to protect people and assets from extreme weather, and such measures often prevent economic losses worth many times their cost. But ensuring their implementation requires making them more affordable and creating innovative revenue mechanisms and financing structures.
In regions where economic activity has long revolved around fossil-fuel extraction, ensuring a just transition requires developing alternative livelihoods that account for each community’s specific needs. Regional endowment funds could be a useful vehicle for funding these local initiatives.
Economic insecurity and growing distrust in institutions are undermining governments’ ability to sustain support for climate action. To rebuild that support, they must show that climate policies can reduce household bills, create decent jobs, and ensure that the biggest emitters pay their fair share.
The devastating floods in Nepal demonstrate what happens when reckless development puts climate-vulnerable communities in harm’s way. They also highlight a climate-finance system that is unable to provide the funds countries need in the immediate aftermath of such disasters.
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