Insurance and bog protection projects receive renowned Climate Solutions Award
The UN Climate Change Secretariat will honour two international climate projects that are supported by the Federal Environment Ministry. Both projects will receive the ‘Momentum for Change’ Climate Solutions Award. One award recognises the work of the Munich Climate Insurance Initiative (MCII), which helps people prepare for the consequences of climate change. The second award-winning project is Rewetting the peat bogs of Russia, PeatRus for short, which offers great potential for affordable and natural solutions for climate action.
The MCII and its partners in developing countries put insurance policies for weather-related risks onto the market. Their aim is to reduce poverty and improve the protection of the groups of the population that are most vulnerable to the consequences of climate change.
Under the auspices of the Climate Risk Adaptation and Insurance in the Caribbean project, which is supported by the Federal Environment Ministry with 2.6 million euros in the context of the International Climate Initiative, the MCII developed and introduced the Livelihood Protection Policy (LPP) in Jamaica, St. Lucia and Grenada. This insurance policy enables people to insure their livelihoods against extreme weather events that often occur during tropical hurricanes, regardless of the holder's profession or income.
PeatRus is one of the largest projects worldwide on the restoration of peat bogs. The BMUB supports the project with 6.5 million euros. The project prevents the massive release of CO2 from drained bogs. In addition, it reduces the risk of bog fires, which would lead to additional air pollution and affect the public health. Peat bogs also make an important contribution to the diversity of flora and fauna in their regions. So far, 35,000 hectares of drained peat bogs have been rewetted, with another 10,000 to follow. The rewetting is done in an ecologically sound way, i.e. by successively closing off drainage channels. In this way, the original state of the bog landscape is then restored.
The 'Momentum for Change' Award is an initiative of the UN Climate Change Secretariat. It honours especially innovative lighthouse projects that make a contribution to climate action and also address major economic, social and ecologic challenges.