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> Posted by Rachel Morpeth, Analyst, CFI

People make their way out of a flooded neighborhood after it was inundated with rain water following Hurricane Harvey.

The devastating effects of Hurricane Harvey colored headlines across the nation. Two weeks later, Houston, Texas remains partially submerged. The resulting financial damage will likely exceed that of Hurricane Katrina, which struck the Louisiana coast in 2005. Harvey is taking Katrina’s title as the most catastrophic storm in America’s history. A Politico headline, however, poignantly suggests another message that perhaps we should all be taking away: “Harvey Is What Climate Change Looks Like.” Harvey is classified as a “500-year flood,” meaning a flood of this magnitude has a 1-in-500 probability of occurring in any given year. Yet this is Houston’s third 500-year flood in three years. Harvey’s successor, Hurricane Irma, has also caused death and devastation, while heavy flooding in South Asia has resulted in the deaths of over 1,200 people across India, Bangladesh, and Nepal.

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> Posted by Maria Otero, Board Member, Oxfam America and former President and CEO, Accion

This article was originally published by Quartz.

This week’s climate change agreement is a major milestone that will shape our future, and CFI would like to mark the occasion by offering these reflections by former Accion President and CEO, Maria Otero, on the importance of climate action for the well-being of people living at the base of the pyramid. The post was written a few days before the convening in Paris. It is heartening to note that such a positive step forward has emerged.

On Dec. 10, 1948 representatives from around the world met in Paris to sign the United Nations Universal Declaration of Human Rights in the aftermath of World War II. Sixty-seven years later, representatives from around the world are meeting there again to negotiate another monumental agreement: an international deal on climate change.

It may not seem like these global events are related but, in fact, climate change is one of the greatest human-rights challenges of our time. The signers of the Universal Declaration agreed that all people have the right to basic sustenance, protection, and freedom; including rights to food, health, shelter, and self-determination.

From the devastation caused by Typhoon Haiyan in the Philippines, to the severe drought exacerbating the refugee crisis in Syria, extreme weather continues to result in severe, and often irreversible, social and economic harm to millions of people around the world. From hunger to homelessness, forced displacement, and loss of livelihoods, human rights are in jeopardy.

And so, in the spirit of what their predecessors achieved 67 years ago, negotiators at the climate talks in Paris must not only deliver a global deal that curbs climate change, but also one that upholds human rights.

In its recent report, Extreme Carbon Inequality,” Oxfam looks at consumption emissions of rich and poor citizens in different countries based on data from the World Bank, Organization for Economic Co-operation and Development (OECD), and the Centre for Global Development climate-change vulnerability index. We estimate that the world’s richest 10% produce half of carbon emissions, while the poorest 3.5 billion account for just a tenth.

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> Posted by Jeffrey Riecke, Communications Associate, CFI

In addition to its other benefits, microfinance can be a vehicle for promoting environmentally sustainable development. Small-scale finance, when bundled with other services, can improve access to clean energy for people at the base of the pyramid, and can assist them to protect ecosystems, conserve biodiversity, and adapt to climate change. And for the poor, climate change mitigation and adaptation is critical. Although poor people have contributed the least to climate change, according to the United Nations, they will suffer its effects in the biggest way. Though still a burgeoning area, a number of microfinance institutions are effectively pairing microfinance and environmental action, including Kompanion Financial Group in Kyrgyzstan, ESAF Microfinance in India, and XacBank in Mongolia. A few weeks ago at European Microfinance Week (EMW) these three institutions were acknowledged for their work in this area, with Kompanion winning the 5th European Microfinance and Environment Award, and ESAF and XacBank placing as runner-ups.

The Microfinance and Environment Award, launched in 2005, recognizes institutions committed to serving the poor while contributing to environmental sustainability. It’s jointly organized by the Development Cooperation Directorate, the European Microfinance Platform (e-MFP), and the Inclusive Finance Network Luxembourg in collaboration with the European Investment Bank. Below is a snapshot of the environmental efforts of the three institutions, featuring the videos that were shown at EMW.

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> Posted by Jeffrey Riecke, Communications Associate, CFI

As if we needed more motivation to support the expansion of microinsurance, the increase in extreme weather is highlighting the ability of the financial service to spur climate change adaptation.

Farming in developing countries is responsible for 70 percent of the world’s food supply, and farmers in developing countries are vulnerable to the effects of climate change. What will happen to the world’s food and to those making a living from small-scale agriculture when the frequency and intensity of extreme weather arising from climate change take stronger hold?

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