Global Resilience Index Initiative

• 10 Nov 2021

Why in News

Recently, a global coalition of ten organisations launched the Global Resilience Index Initiative (GRII).

Key Points

• About:
  
  • It was launched during the UNFCCC Conference of Parties (CoP) 26 adaptation day (8^th November 2021), it will be the world’s first curated, open-source reference index.
  • It has been launched to build a universal model for assessing resilience to climate risks.
  • It will provide reference data on climate and natural hazard risks to inform and protect populations and economies, particularly in emerging and developing countries, form a basis for mobilising the trillions of investment needed to meet the Paris goals on climate-resilient development.
  • It can be used in aggregated risk management across sectors and geographies.
• Goal: The coalition wants to achieve two immediate goals.
  
  • First, they want to provide global open reference risk data developed using insurance risk modelling principles.
  • Second, they want to provide shared standards and facilities applicable to a wide range of uses:
    
    • Corporate climate risk disclosure.
    • National adaptation planning and reporting.
    • Planning of pre-arranged humanitarian finance.
• Partners & Supporters: GRII has been initiated with partial funding and in-kind contributions from the insurance sector and partner institutions such as:
  
  • Coalition for Disaster Resilient Infrastructure (CDRI)
  • Coalition for Climate Resilient Investment (CCRI)
• Need:
  
  • Natural catastrophes cost nearly USD 200 billion globally in 2020. Since 1970, over 2 million people have died in climate-related disasters; 9 out of every 10 in developing countries.
  • Almost every country has felt the harsh impact of climate change in recent years in some form or another.
    
    • Systems and economies resilient to climate disruption can save millions of lives and livelihoods.
• Significance:
  
  • The outcomes of this risk analysis will help close the insurance protection gap and direct investment and aid to where they are needed the most.
  • It will help global economic sectors understand, in concrete terms, the value of building climate resilience and the costs of doing nothing, this will address the data emergency that is contributing to the climate crisis.
  • It will enable asset owners to compare portfolio risks across geographies and hazards, as well as helping countries to prioritise national adaptation investments.

Source: DTE