Anticipate: Supporting climate information services and the scaling up of forecast-based financing (FbF) approaches
Forecast-based Financing (FbF) is an innovative mechanism that allows early warning, through climate forecasts or observations, to mobilise resources in risk-prone areas before an event occurs, ultimately providing more effective reduction in climate and disaster risks. Given the promising results of pilot projects as well as lessons learned on barriers for wider uptake, the UN Climate Resilience Initiative supports Partners in scaling up forecast-based financing approaches in vulnerable countries and regions. The Red Cross Red Crescent Climate Centre, one of the Initiative’s Partners, has pioneered this approach. This priority is linked to the implementation of the Blueprint for Action under priority 3 and the Initiative will work with the Red Cross Red Crescent Climate Centre to determine further actions.