Forecast-Based Financing

Moving from crisis response to risk management

by Sheila Grudem
Climate and Disaster Risk Reduction Programmes, 2018

2 pp. 879 kB

Donors and governments spend billions of dollars each year to help people to respond to and recover from climate-related disasters. Growing evidence suggests that investing in anticipatory action and early response at government and community level significantly reduces the need for humanitarian assistance when a crisis hits. The problem, however, has often been that although forecasts are available, it has not been possible to use them effectively to prepare and avail resources to take action prior to a climate-related shock being labelled a disaster. Forecast-based Financing is an innovative mechanism whereby early preparedness and community level actions are pre-planned based on credible forecasts, and are funded and implemented before the disaster strikes.

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