Zurich: The World Meteorological Organization (WMO) has officially introduced a new financial initiative aimed at securing the essential infrastructure for global weather forecasting. This initiative supports the economic value of billions of dollars and promotes international stability.

According to Emirates News Agency, the WMO Weather, Climate and Water Intelligence Commons (WMO Commons) aims to gather at least $100 million over a five-year period. This fund will be used to enhance global weather, climate, and water monitoring, prediction, and service delivery systems. WMO Secretary-General Celeste Saulo highlighted the importance of this initiative in her keynote address during Climate Week Zurich. She emphasized the need to strengthen the global weather forecasting and observation network to build resilience against increasing climate risks.

Swiss Re reports that in 2024, weather and climate-related disasters resulted in global losses totaling $318 billion, with only 43% of these losses covered by insurance. The World Economic Forum identifies extreme weather as the leading long-term risk for the next decade. Saulo noted that climate risks are increasingly manifesting through weather patterns, which in turn translates into economic risks.

Globally, various weather phenomena such as storms, floods, droughts, heatwaves, and wildfires are causing significant disruptions. These events impact operations, supply chains, labor productivity, health systems, insurance sectors, and public finances. Scientific advancements have improved forecasting capabilities, allowing investors to make informed decisions. Currently, five-day weather forecasts are as reliable as three-day forecasts were two decades ago, with significant improvements in short-term forecast accuracy.