Conference on forecast-based financing opens in Hanoi

14:27 | 14/06/2017 Finance - Banking

The first regional conference in Asia on forecast-based financing for climate change adaption was held in Hanoi on June 13, drawing about 100 international and domestic experts in disaster risk reduction and climate change adaption.

More than 100 national and international practitioners in the field of disaster risk reduction and climate change adaptation gather in H​anoion June 13 to discuss forecast-based financing (FbF) (Photo: VNA)
The conference, organised by the Vietnam Red Cross Society (VRCS) and Germany Red Cross Society in Vietnam, aimed to establish a network of experts in forecast-based financing, which includes governments and scientists of countries vulnerable to natural disasters in Asia.

At the conference, experts shared experiences and information on creative humanitarian funding mechanisms, which allows early actions to cope with natural disasters and climate change based on forecast, then implement right procedure when disasters happen.

Participants also discussed current methods and mulled over regional plans as well as measures to draw support of sponsors and policy makers.

Vice Chairwoman of the VRCS Tran Thi Hong An said that Vietnam is among the five countries hardest hit by disasters and climate change in the world. The country suffers between 10-15 tropical storms and many floods each year, affecting 50 percent of land and 70 percent of the population in main disaster-hit areas.

Forecast-based financing is a new approach that can help the prompt provision of humanitarian aid, thus reducing damage and loss for people and ensuring effective use of financial assistance.

The regional conference runs until June 15.

Theo VNA