New climate risk data partnership GRII calls for more government support and innovation

Public-private partnership the Global Resilience Index Initiative (GRII) has met key milestones in the development of a new climate risk data architecture ahead of a full launch planned for COP28, but it called for more help from innovators and governments to reach its full potential. Updating the COP27 meeting on its progress, the GRII said it is on track to provide the “critical missing layer” through open baseline datasets on climate risk and resilience metrics for all countries worldwide. It said operational momentum is underway after securing funding but comparable data is vital to reducing climate risk. “An open, standard set of climate metrics and data to measure risks to communities, infrastructure and ecosystems… informs how we build resilience, adapt our societies and economies to climate change, and mobilise the trillions of dollars necessary to build resilience,” it said. It used the platform at a plenary session at COP27 to call on innovators and data providers globally to support the scaling up of its initiative and help with improvements. It also said it needs more engagement from governments. “The race for data is a critical part of the race for resilience, and accessible climate risk indices must be made available to financial systems and economies,” it said, at the halfway point since its launch was announced by the Insurance Development Forum (IDF) at COP26. The initiative has some heavyweight names as patrons, including: Mark Carney, UN special envoy on climate action and finance; Mami Mizutori, assistant secretary-general and special representative of the secretary-general for Disaster Risk Reduction in the UN; and Eric Andersen, member and risk modelling champion of the IDF steering committee and president of Aon. The GRII launched a demonstrator, the GRII Viewer, which provides an initial set of indices. “It is encouraging to see the operational momentum that has been achieved for the GRII since COP26, including the first use cases, initial seed funding and the launch of the data viewer,” Mizutori said. But she added: “This project has only just begun and to reach its full potential, the GRII needs more data feeds, and more pathfinder institutions and governments.” Addressing COP27 delegates, Mizutori said: “I am calling for zero climate disasters by 2030. If we double down on efforts to reduce vulnerability, poverty and inequality, I believe this can be achieved. Quality risk data will play a crucial role in this. We need data that is comparable across all continents – on hazard, exposure, vulnerability and climate change risk.” She said the GRII is an excellent example of a public-private partnership working to reduce disaster risk. “We must now accelerate systemic data collection and aggregation for risk-informed climate action,” Mizutori told delegates. Rowan Douglas, chair of the GRII and chair of the IDF operating committee, said: “Congratulations to the academic, public and private sector teams that took up the challenge laid down by UN special envoy Mark Carney to fill the critical climate resilience information gap. You cannot manage what you cannot measure. “Filling the resilience information void is a major task and we warmly invite all players in the space to join this collective endeavour to help quell the climate emergency.”

New climate risk data partnership GRII calls for more government support and innovation

Want to read this article?

Read Next

Vast majority of global wind and solar energy assets unprotected from fire

Baltimore bridge supply chain insurance losses likely

New cyber insurance endorsement from AXA XL in US

Intangible asset value higher than tangible but protection gap persists

Marsh launches AI-powered supply chain solution

Vast majority of global wind and solar energy assets unprotected from fire

Baltimore bridge supply chain insurance losses likely

New cyber insurance endorsement from AXA XL in US

Intangible asset value higher than tangible but protection gap persists

Marsh launches AI-powered supply chain solution

Want to read this article?

Read Next

Vast majority of global wind and solar energy assets unprotected from fire

Baltimore bridge supply chain insurance losses likely

New cyber insurance endorsement from AXA XL in US

Intangible asset value higher than tangible but protection gap persists

Marsh launches AI-powered supply chain solution

Related Articles