Ministerial Roundtable: Thinking Resilience: Changing the Approach to Disaster Risk Reduction Financing
The Ministerial Roundtable provides an opportunity to discuss challenges, share experiences, identify solutions, and enhance political leadership and commitments towards the implementation of the Sendai Framework for Disaster Risk Reduction.
The Ministerial Roundtable “Thinking Resilience: Changing the Approach to Disaster Risk Reduction Financing” will be co-chaired by the Government of Indonesia and UNDRR.
Please note that the Ministerial Roundtable is not open to the public. It is organized by invitation only at the ministerial level.
The Ministerial Roundtable will discuss challenges, identify solutions and enhance political leadership and commitments towards the implementation of the Sendai Framework for Disaster Risk Reduction, especially as they pertain to disaster risk reduction financing.
This section provides information about the Ministerial Roundtable: “Thinking Resilience: Changing the Approach to Disaster Risk Reduction Financing”
Where do we stand
Investing in disaster risk reduction is a precondition for developing sustainably in a rapidly changing climate. Global investments of $1.8 trillion in appropriate DRR strategies could avoid losses of $7.1 trillion. Yet, for every $100 spent on total development aid between 2010-2018, disaster risk reduction received as little as 47 cents.
Though action is lagging, the stark realities of the effects of the COVID-19 pandemic coupled with rapidly increasing climate risk provide political leaders with a pressing reason to put the world on track for a resilient and sustainable future.
For change to happen, a complete shift in mindset needs to take place across the financial system. We must move from short-term thinking and under-prioritizing disaster risks to a “Think Resilience” approach to become the norm in all public and private sector investments. There is an urgent need for a new “social contract” on investing in disaster resilience, which would set out the responsibilities and liabilities of national governments, financing bodies and the private sector to manage the negative externalities arising from disaster risks.
Session guiding questions
- How can countries determine or estimate the cost required to implement the national DRR strategy?
- Which financial DRR solutions, beyond insurance, have been successfully applied to mainstream disaster risk into investments and financial strategies and activities?
- What policies and measures have proven particularly effective that make disaster risk disclosure and inclusion mandatory in public and private sector investments?
BNDCC 1-1st Floor