The Coalition of Finance Ministers for Climate Action and the World Meteorological Organization co-hosted a panel discussion on "Science Day" at COP27 titled Closing the Weather and Climate Data Gap for Effective Economic Decision-Making.
Weather and climate data is essential for both finance ministries and the climate-science community to model the future, assess physical risks, and formulate climate strategies and policies. Yet serious data gaps exist, which severely affects the quality of weather and climate prediction globally and undermines the effectiveness of climate-related decision making. To address this long-standing problem, a new financing approach has been developed and a newly created financing mechanism will be presented at this event: the Systematic Observations Financing Facility (SOFF).
The event brought the finance ministry and climate-science communities together for the first time at a COP to discuss the urgency of closing the weather and climate data gaps and how Ministers of Finance can support this endeavor, as well as how climate data can be used by finance ministries to create more effective economic policies.
Above: Video recording of the event