Outstanding claims for natural disasters in 2020 and 2021 are ₹1,705.52 crore, according to the Insurance Regulatory and Development Authority of India’s (IRDAI) annual report. The claims have been made for cyclones, including Amphan and Nisarga, and floods in Maharashtra, Andhra Pradesh and Telangana.
Only 29.72% claims worth ₹760.68 crore have been settled so far, according to the report. The report is significant because the IPCC’s recent Working Group II report lists access to insurance as a key adaptation strategy while dealing with the climate crisis.
Bihar, Jharkhand at bottom of India’s SDG achievements, Kerala on top
Three Indian states–Bihar, Jharkhand and Assam—achieved the least amount of Sustainable Development Goals (SDGs) last year. Odisha, which otherwise scored poorly on most SDGs, was at the top of the list for its climate action SDG. The data was revealed in a report released by environment minister Bhupendra Yadav. It examined each of the 28 states on 15 of the 17 SDGs on a scale of 1 to 100. Kerala made it to the top of the list with a score of 75, while Bihar was at the bottom with a score of 52.
US commits to just $1 billion in international climate finance in 2022
The US Congress gave its nod to just $1 billion in international climate finance for this year—$387 million more than the Trump administration, according to the World Resources Institute. At this rate, the US’ contribution will add up to $11.4 billion by 2050, which is much later than 2024 that the Biden administration had promised.
According to the bill passed by the Congress, $270 million has been allocated for bilateral adaptation finance, but there is no allocation for the UN’s Green Climate Fund (GCF). This despite the US owing the UN fund $2 billion after Donald Trump backtracked on an Obama-era promise of delivering $3 billion.
Investors approve 14-point gold standard for corporate climate lobbying
Investors launched a 14-point action plan on corporate climate lobbying for companies to adhere to. The Global Standard on Responsible Climate Lobbying will guide firms on how to commit to responsible climate lobbying and take action if there is a misalignment with global climate goals. Companies risk having their actions put to a shareholder vote if they don’t follow the plan.