#None #Rockefeller Foundation #Climate Health Funding #Sanofi Collective #Davos-Klosters

Major Increase in Climate and Health Financing

In 2022, international financing dedicated to the intersection of climate change and health reached an impressive total of $7.1 billion, marking a dramatic rise from under $1 billion in 2018. This significant increment underscores a growing commitment among key financial stakeholders to prioritize climate-related health initiatives. However, despite this enthusiasm and substantial financial injection, challenges persist, particularly for the most vulnerable nations suffering under the weight of climate impacts.

These findings come from a groundbreaking analysis titled "Resourcing Climate and Health Priorities: A Mapping of International Finance Flows from 2018-2022", presented at the 55th Annual Meeting of the World Economic Forum. Conducted by SEEK Development in collaboration with adelphi consult and AfriCatalyst, this report provides critical insights into the current finance landscape affecting climate and health priorities.

Breakdown of Financial Commitments

The $7.1 billion total comprised various funding sources, including:

• - $4.8 billion from bilateral donors,
• - $1.5 billion from two health multilateral funds,
• - $0.6 billion from four multilateral development banks,
• - $130 million from philanthropic contributions,
• - $23 million from climate-focused multilateral funds.

While this financial surge offers hope, the report reveals that less than 35% of financing from bilateral donors is directly accessible to the most affected countries, with nearly 50% of overall funding not reaching low-income nations at all. Dr. Naveen Rao of The Rockefeller Foundation stresses that although increased financing is a positive trend, it is still insufficient to combat the dire consequences of climate change on health.

The Growing Need for Accessible Funding

The analysis finds that the share of funding specifically directed towards climate considerations in health projects has risen, from 1% in 2018 to 9% in 2022. However, a significant portion of these funds, 24%, has been offered as loans rather than donations, amplifying concerns over sustainability and financial burden for recipient nations.

Countries affected by climate change demand financial injections that are not encumbered with debt, allowing them to invest in necessary health systems and initiatives. Vanina Laurent-Ledru from Foundation S emphasizes that immediate, flexible financing solutions are critical to aid these communities in establishing health networks resilient to climate impacts.

Recommendations for Future Funding Strategies

Despite recognizing the strides made, the report urges multifaceted approaches to optimize access to climate and health financing. Notably, it highlights:

• - Expanding funding pools to encompass both climate and health solutions, ensuring equitable access across sectors.
• - Fostering alignment in investment priorities to maximize the impact of funding on health and environment.
• - Streamlining financing processes to simplify and enhance access for nations that require urgent support.
• - Encouraging donors to provide more grant-based funding to relieve the debt pressures faced by vulnerable countries.

The report indicates a need to standardize definitions and methodologies within donor organizations to improve transparency and facilitate better monitoring of financial flows related to climate and health.

Conclusion: A Call to Action

As we stand on the precipice of escalating climate crises, the urgency heightens for global financial communities to amplify their commitments. As articulated in the Goals from initiatives such as the G20 and the World Health Assembly, the convergence of climate action and health practices remains paramount. Increased investment alongside thoughtful, robust strategies will not only mitigate the looming health threats posed by climate change but will pivot us toward achieving a resilient, sustainable future for all.

The report serves as a launching pad for further discussion and action, setting a critical foundation to enhance financial flows that support climate-resilient health systems. Collaboration among donors, governments, and other stakeholders will be the cornerstone in achieving significant leaps forward in this critical area.