A New Tool to Help Countries Facing Climate and Finance Vulnerabilities

When this record-temperature-setting summer is over, governments will come together for UN Climate Week to face growing concerns over global climate emergencies and scarce resources to address them. From extreme heat to floods to wildfires, the number of climate-related disasters has tripled in the last 30 years. The collapse of foreign assistance means developing countries will have to cope with expanding climate challenges – especially those related to adaptation and resilience – with too few resources.

Top of mind for governments will be questions around how we can better plan for climate emergencies and mitigate the impact on communities most threatened by climate disasters. Critical to these discussions is understanding which countries are the most vulnerable and face the most challenges in accessing capital – so that we can focus our limited resources where they’ll make the most impact.

The Columbia Climate School, with support from The Rockefeller Foundation, has developed an innovative new tool that is changing the way we look at these issues. Their Climate Finance (CLiF) Vulnerability Index integrates data on a country’s risk of cyclones, floods, droughts, earthquakes, conflicts, and other hazards with its access to financing for prevention, recovery, and rebuilding efforts. The CliF Vulnerability Index’s interactive dashboard analyzes future optimistic and pessimistic scenarios for 188 nations and has identified the 65 most at-risk. Two-thirds of these “Red Zone” nations are in Africa. As climate shocks become more frequent and intense, the ability to prevent or respond to these shocks is linked to a country’s ability to attract finance.

Whether addressing child poverty, climate financing, or simply understanding where to invest new resources, this CliF Vulnerability Index will help to ensure decisions are driven by data – something that has been at the heart of The Rockefeller Foundation’s work for over a century.

The CliF Vulnerability Index also sheds considerable light on the critical impact of debt. As noted by UNCTAD, 3.4 billion people live in countries that spend more on debt service than on education or health. Nations that are heavily in debt do not have the resources needed to recover from disasters, build resilience against future disasters, or break the cycle of poverty that is worsened by escalating climate impacts.

And while climate risk increases, debt is increasing as well. Developing countries’ debt levels have doubled since 2009. And the current trade war is disproportionately exacerbating the economic consequences for the most vulnerable economies. A recent Jubilee Report, commissioned by Pope Francis, lays out a clear plan for addressing the debt crises – recommendations that the CliF Vulnerability Index provides a useful basis for implementing.

By using the CliF Vulnerability Index, donors and funders can prioritize support for countries that are potentially living one disaster away from economic crisis in a way that can shape our shared future for the better.