Strengthening the data foundation for effective climate finance – the Systematic Observations Financing Facility
COP27 Finance day – 9th November 2022, 6-7pm, Nordic pavilion, Blue Zone, Stand P90
Weather and climate data are critical for making effective decisions and investments in all sectors. However, according to World Meteorological Organization (WMO) today, less than 10% of required basic weather and climate observations are available from Small Island Developing States and Least Developed Countries. The recent IPCC reports also highlight the persistent limitations of information for a number of countries where significant data gaps remain.
The event presents a new financing mechanism which seeks to address the long-standing problem of missing weather and climate observations from Least Developed Countries and Small Island Developing States – the Systematic Observations Financing Facility (SOFF). By strengthening the underpinning data for weather forecasts and climate services, including early warnings, SOFF will improve the capacity of the most vulnerable countries to predict and adapt to extreme weather events such as floods, droughts and heatwaves.
During the event, the speakers will discuss the implications of the existing gaps, the socio-economic value of closing them and the challenges that developing countries have encountered so far. The event will also be an opportunity for new funders to make announcements of financial contributions to the SOFF UN Multi-Partner Trust Fund.
|18:05 – 18:10
|Weather and climate data are economic data
|18:10 – 18:25
|Importance of closing the basic weather and climate data gaps in developing countries
|18:25 – 18:30
|SOFF as an innovative approach to addressing long-standing problems in getting good weather/climate forecasts
|18:30 – 18:40
|How the private sector benefits from weather and climate data
|18:40 – 18:55
|Growing commitment to fund an innovative financing facility – SOFF
|18:55 – 19:00
|SOFF a foundational element of the UN Early Warnings for All
|Closing remarks by Henrik Franklin