Belem [Brazil], November 16: he Systematic Observations Financing Facility (SOFF) today opened for contributions to raise USD 200 million towards a climate impact bond aimed at strengthening systematic observation of the planet and help close critical weather and climate data gaps.
The Systematic Observation Impact Bond will be announced as part of the COP30 Action Agenda, supported by the Government of Brazil as COP30 Presidency. If backed, the bond would enable 30 Least Developed Countries (LDCs) and Small Island Developing States (SIDS) to meet the requirements of the Global Basic Observing Network (GBON) - the international standard for the weather and climate observations that underpin every forecast, climate action, and early warning system.
Sustainable financing is one of the main barriers to the maintenance of early warning systems and observation, which are essential to prepare for and respond to climate hazards. The innovative tool is pioneered by the Systematic Observations Financing Facility (SOFF), a United Nations fund created by the UN Environment Programme (UNEP), the World Meteorological Organization (WMO) and the United Nations Development Programme (UNDP).
"This Impact Bond will increase internationally shared data five-fold, strengthening the world's ability to forecast and prepare for extreme weather and climate hazards. Studies show that closing the data gap could generate USD 5 billion in direct annual benefits and unlock USD160 billion in wider economic gains," said WMO Secretary-General Celeste Saulo.
"If we fail to close the adaptation and data gap now, we are simply locking in far higher costs and risks for the future. This proposed bond shows how public and private finance could unite to support resilience and safeguard lives in a changing climate," said Inger Andersen, UNEP's Executive Director.
With the structuring options already designed, ongoing technical preparation is focusing on identifying suitable issuers and partners to enable the bond's launch and implementation.
Source: Emirates News Agency
