Risk Pools for Climate-Influenced Disasters

Nineteen African nations have joined together in an effort to prepare for the current and future effects of climate change. They enacted a risk pooling strategy that unlocks funding when climate influenced disasters strike. The member states of this group are able to draw down pooled funds for responding to specific climate events or disasters. This risk pooling allows them to reduce their costs in the short term while still providing sufficient resources for their immediate disaster response needs. The policy secured initial funding externally to start the risk pooling program, but now the program is self-sustaining with internal funding. 

This kind of financial risk pooling strategy could be implemented in the New York State Capital Region at the local municipal or county levels. By adopting this strategy, an intergovernmental network of counties and/or municipalities could reduce the immense financial burden from future climate influenced disasters. 

You can read more about this subject here: https://blogs.worldbank.org/nasikiliza/across-africa-disaster-risk-finance-is-putting-a-resilient-future-within-reach#:~:text=Launched%20in%202015%2C%20the%20Africa,quickly%20and%20resiliently%20to%20disasters

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