Crisis RISK REDUCTION FINANCING
Southeast Asia, which is sensitive to rising sea levels, storms, heatwaves and floods, faces difficulties when it comes to financing weather action, said watchers at the SIEW conference.  ,
” If you look at reactive financing, clearly there is significant financing that’s going on, after ( a disaster ) has taken place”, said Dr Ramesh Subramaniam, director general and group chief of the sectors group at the Asian Development Bank ( ADB).  ,
” But the problem that we face is that, in terms of allocating from your macroeconomic resources, a certain percentage of the funds to be ready to face catastrophe, that has been quite, quite slow”, he told CNA.
” And if you look at healthcare industry, I would say it’s about non-existent”.
Next month, the lender approved a new purpose to give climate finance 50 % of its monthly loans by 2030.
Dr. Subramaniam touched on the creation of a loss and damage account during the meeting and mentioned the COP28 climate summit in Dubai last year, stating that it is” a very important first action” in helping less-developed nations.
” We are very positive that there’ll get momentum”, he said, calling for more aid beyond what has been pledged by developed countries.  ,
” Evidently, in terms of funding, the problem that we face is that given the scale of tragedies, no amount of funding is going to be enough”.