Innovative Climate and Disaster Risk Finance Solutions

Latin America and the Caribbean need to borrow more money to deal with the effects of climate change, and the Inter-American Development Bank has come up with a novel way to do so, the Christian Science Monitor reports.

The bank's new approach is called "climate and disaster risk finance," or CDRF, and it's designed to help member countries not only deal with the effects of climate change, but also to transfer those risks to other countries and manage the residual risks, the bank says in a press release.

Some of the instruments the bank has put in place include a "climate resilient debt clause" and "catastrophic protection products," the Monitor notes.

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