The year of environmental challenge makes way for a year of opportunity  2009-01-02

Financial damage and loss of life caused by climate-related natural disasters made 2008 one of the most devastating years on record.
Cyclone Nargis last June claimed 78,000 lives in Myanmar. The Atlantic hurricane season caused devastation in the Caribbean, Central America and the United States. Costs associated with weather-related catastrophes are estimated by Munich Re - the world's biggest reinsurer and UNEP Finance Initiative partner - at about $200bn in 2008, double the losses incurred in 2007. Insured losses of $45bn were 50 per cent more than in the previous year. Hurricane Ike cost insurers $15bn in the United States.