The proposal by the Alliance of Small Island States (A.O.S.I.S.) for an insurance pool to cover the cost of loss and damage caused by climate change was finally approved by world leaders at the 23rd United Nations Framework Convention on Climate Change Conference of Parties (C.O.P. 23) held in Bonn, Germany.
“In 1991, A.O.S.I.S. proposed an insurance pool to cover the cost of loss and damage. And this week, at last, an insurance mechanism was launched that will finally provide better access to more affordable insurance for those who need it most,” C.O.P. 23 president and Fiji Prime Minister Voreqe Bainimarama said while making the announcement at the Fiji Pavilion yesterday.
And After 26 years of trying to get world leaders to agree to the proposal, Mr. Bainimarama said this was one of the successful outcomes of the climate talks that will be concluding this week.
Mr. Bainimarama said the Alliance of Small Island States (A.O.S.I.S.) and the Pacific Small Island Developing States (S.I.D.S.), which Samoa is a member of, have been making the case of the most vulnerable to climate change since the late 1980s.