New funding boosts Global Resilience Index Initiative

The Global Resilience Index Initiative (GRII) has secured new funding to provide governments with climate risk data that will better direct investment for preventing disasters and boosting resilience. Signed at the Insurance Development Forum’s (IDF) Summit 2023, the GRII will establish a Global Resilience Hub to map and quantify current and future climate risks and “prevent leaders from ‘flying blind’ on physical climate risk”. “Putting globally consistent numbers behind who and what is most at risk, and how people, prosperity and the planet will be impacted is essential to guide capital investments in adaptation,” the GRII said. The agreement has been signed between the IDF, the UN Office for Disaster Risk Reduction (UNDRR), the University of Oxford and the GEM Foundation. It will focus on building investments in areas of greatest need to prevent climate disasters. By the end of this year, the GRII aims to have ready and open access data to support investment in climate adaptation. Mami Mizutori, GRII patron and UN special representative for disaster risk reduction (UNDRR), said: “The GRII helps point to where investment is needed and can have the most impact. By directing investments and resources to reduce climate risks before they create disasters, countries can build a sustainable resilient future for all.” Only about 4% of official development assistance related to disasters currently funds prevention efforts, with the rest used for response and recovery post-disaster, Mizutori said. “This is not sustainable in the face of growing climate risks. There must be a rebalance towards investing more in prevention,” he added. An official launch for the new programme, funded by Climate Arc, the World Bank and the UNDRR, will take place at COP28 in Dubai. A further upgrade is expected to be ready for COP29, dependent on additional resources. Since its initial launch at COP26, the GRII has developed data and metrics to rally finance for adaptation programmes and boost resilience to climate events. But the GRII said the “data challenge” requires a new level of response to address growing demand for metrics, tools and guidance to support financial institutions, businesses and governments to increase investment in adaptation. Michel Liès, chair of the IDF, said the GRII has reached an important milestone in its capabilities and resources. “By December, it is expected that the GRII will provide open access data to support solutions to some of the biggest challenges at COP28, including climate adaptation investment and loss and damage implementation,” the GRII said. Meryam Omi, chief executive of Climate Arc, which has backed the new Global Resilience Hub, said: “Climate Arc is proud to support GRII’s work to improve the availability of physical climate risk and resilience data. GRII’s open, transparent asset-level data will support public and private financial institutions in accelerating the mobilisation of finance for adaptation and resilience in emerging and developing economies.” The Global Resilience Hub will be hosted by Oxford University. Dr Nicola Ranger, director of the new hub and leader of resilience and international development at the university’s Environmental Change Institute, said: “The data we are collectively building and making available through the GRII is urgently needed to close the gap in investment in adaptation and nature-based solutions to protect people, prosperity and the planet, and align finance with climate resilient development.”

New funding boosts Global Resilience Index Initiative

A Global Resilience Hub will direct investments in adaptation and prevention

Want to read this article?

Read Next

Claims likely to increase as vessels remain stranded in Baltimore

Climate change to cause ‘massive economic damage’

Two-paced upstream energy market falls in favour of buyers

Energy insurer Paratus launches brokerage division

Allianz names global head of marine

Claims likely to increase as vessels remain stranded in Baltimore

Climate change to cause ‘massive economic damage’

Two-paced upstream energy market falls in favour of buyers

Energy insurer Paratus launches brokerage division

Allianz names global head of marine

Want to read this article?

Read Next

Claims likely to increase as vessels remain stranded in Baltimore

Climate change to cause ‘massive economic damage’

Two-paced upstream energy market falls in favour of buyers

Energy insurer Paratus launches brokerage division

Allianz names global head of marine

Related Articles