Forecast-based financing reduces loss

Early financing and actions based on anticipation of disasters can reduce human sufferings and losses, speakers at a dialogue on forecast-based financing (FbF) said yesterday.

The FbF is an innovative mechanism whereby early actions at community and government level are pre-planned based on credible forecasts, and are funded and implemented before a climate shock, according to World Food Programme (WFP).

These actions minimise losses and damages caused by climate hazards, and reduce the need for humanitarian assistance in their aftermath.

“The FbF is a very innovative approach to tackling disasters,” said Tauhidur Rahman, treasurer of Bangladesh Red Crescent Society (BDRCS) at the “1st National Dialogue Platform on FbF” at the Spectra Convention Centre in Dhaka.

The BDRCS, the German Red Cross, CARE Bangladesh, Start Fund Bangladesh, and the WFP jointly organised the event.

The German Red Cross initiated the first FbF pilot projects in 2013. Today, 16 Red Cross and Red Crescent societies across the world are involved, working successfully in countries such as Bangladesh and Peru, according to a publication of the International Federation of Red Cross and Red Crescent Societies circulated at the dialogue.

Md Mohsin, additional secretary to the disaster management and relief ministry, said the FbF was very important to address the vulnerabilities of Rohingya people living in the camps in Cox’s Bazar because of the risk of landslides and cyclones.

“What will happen to them if there is cyclone and landslide?” he said, adding that early actions should be taken as soon as a disaster hits a community in order to reduce the impact and human sufferings.

He said coordination of humanitarian actions taken by all stakeholders is necessary and community should be involved.

Siddiqul Islam Khan, programme officer at WFP Bangladesh, said Bangladesh was one of the countries most vulnerable to the impacts of climate change.

“Climate shocks are becoming more frequent, causing more losses and damages,” he said, adding that the WFP was implementing programmes to support the government in managing climate risks.

He said the FbF enables anticipatory actions for disaster risk mitigation at the community level.