SA advised by World Bank on climate insurance, contingency fund options
- April 26, 2024
- Infrastructure
- 0 Comments
The World Bank is advising South Africa’s National Treasury on a climate risk strategy after floods in recent years caused billions of dollars of damage.
The country may take out climate insurance or establish a contingency fund to deal with major adverse weather events, a person familiar with the matter said, asking not to be identified as a public announcement hasn’t been made. Municipalities could also be incentivised to invest in infrastructure and other measures to reduce the impact of unexpected weather events, the person said.
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