WTW announces USAID funding for transformative climate finance solution to scale up adaptation investment in vulnerable countries
2024年3月18日 - 5:30PM
WTW (NASDAQ: WTW), a leading global advisory, broking, and
solutions company, today announced that it will receive funding
from the U.S. Agency for International Development (USAID) to
develop a climate-resilient insurance solution that aims to unlock
climate adaptation investment from the private sector.
With USAID funding, WTW will design a pilot
facility enabling the U.S. Development Finance Corporation (DFC) to
offer a parametric insurance solution (Resilience Wrapper) that
protects its direct loans to private enterprises from
climate-related shocks. Following a triggering event (such as a
cyclone, flood, or drought), the subsequent loan repayment will be
covered by the insurance payout. The Resilience Wrapper protects
the borrowers’ debt servicing obligations from the most impactful
climate risks, ensuring that they can remain operational and avoid
default following a shock event.
Simon Young, Senior Director, Disaster Risk
Finance & Parametrics, WTW, said: “Vulnerability to climate
change and disaster risk can have a direct effect on the cost of
borrowing, particularly in lower-income countries. This adds
additional pressure on debt servicing capacity and increases the
likelihood of debt default, which can lead to credit rating
downgrades.
“With USAID funding, the WTW parametric solution
will be a game changer for building the financial resilience of
communities to extreme weather events by helping to unlock
much-needed private sector investment in critical adaptation
projects in climate vulnerable countries.”
In support of the President’s Emergency Plan for
Adaptation and Resilience (PREPARE), the short-term catalytic
funding was awarded through the USAID Climate Finance for
Development Accelerator’s Adaptation Finance Window initiative. The
initiative utilises catalytic grant funding to de-risk the
development and scaling of private sector-led climate adaptation
approaches in frontier and emerging markets; it also includes an
investment from the USAID Enterprises for Development, Growth, and
Empowerment (EDGE) Fund.
Gillian Caldwell, USAID Chief Climate Officer,
said: "A disaster can bankrupt a business overnight. Innovations
like the WTW Resilience Wrapper make communities better equipped to
withstand disaster by supporting the local companies they depend
on, while incentivising lenders to work in places they might
otherwise consider too risky for investment. I commend WTW's
leadership in this area as it signals both the need and the
opportunity for greater private investment in resilience.”
About WTWAt WTW (NASDAQ: WTW),
we provide data-driven, insight-led solutions in the areas of
people, risk and capital. Leveraging the global view and local
expertise of our colleagues serving 140 countries and markets, we
help organisations sharpen their strategy, enhance organisational
resilience, motivate their workforce and maximise performance.
Working shoulder to shoulder with our clients,
we uncover opportunities for sustainable success - and provide
perspective that moves you.
Learn more at wtwco.com.
Media contactAndrew Collis, +44
(0) 7932 725267 | andrew@acolliscommunications.com
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