The World Bank estimates that 100M people will fall back into poverty and another 150M will be internally displaced due to climate change. It’s already impacting consumers in emerging markets who don’t have the resources to respond to floods, droughts, pests, disease outbreaks and more. This poses risks to financial service providers – especially those focused on smallholder farmers and investments that depend on agriculture. Climate solutions will require a combination of data, financing, and technology innovations in order to effectively scale and replicate. Delivering appropriate adaptation products and services to low-income individuals, households, and communities will require novel delivery methods and products.
The COVID-19 pandemic has revealed the vulnerabilities of our health, financial, and economic systems. Scientists are warning that, at a global level, we are similarly ill-prepared for another crisis: climate change. Luckily, we still have an opportunity to build resilience before it’s too late.