G20 countries push for investments in disaster and climate resilient infra

G20 countries on Wednesday agreed to accelerate their efforts in enhancing universal coverage of multi-hazard early warning systems and foster collaborations between different stakeholders to build capacities to support anticipatory action and promote pre-arranged financing so that early action saves lives and livelihoods.

The countries at the Third and Final Disaster Risk Reduction Working Group (DRRWG) meeting here over the past three days also emphasized the need for investments in disaster and climate resilient infrastructure, with a focus on G20 Principles for Quality Infrastructure Investment.

DRRWG was launched by the Indian Presidency in December 2022, and the Brazilian Presidency will take forward the DRRWG from December 2023.

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In an official release at the end of discussions, the G20 countries said the consensus among them reaffirms their commitment towards Sendai Framework for Disaster Risk Reduction 2015-2030 (Sendai Framework), to prevent new and reduce existing disaster risks.

The members agreed on accelerating their efforts to enhance universal coverage of multi-hazard early warning systems and transforming them into early action, besides foster collaborations between different stakeholders to build capacities to support anticipatory action and promote pre-arranged financing so that early action saves lives and livelihoods.

At the launch of the discussions on Monday, India asked G20 countries to find out how they can generate momentum on mobilizing private finance for the sector and ensure that it is not only an expression of corporate social responsibility but part of the core business of firms.

Recognising the need to strengthen public-private partnerships, blended finance mechanisms, and governance systems for resilient and interconnected infrastructure projects, the G20 countries stressed on the urgent need to increase financing for DRR and for better integration of DRR into public and private sector investment decisions.

“The G20 members agreed on strengthening existing comprehensive national financing strategies for DRR that strengthen synergies between disaster risk financing and DRR financing in a risk-layered approach,” the statement added.

The G20 countries and invitee countries discussed several issues like global coverage of early warning systems, disaster, climate resilient infrastructure, financing framework for disaster risk reduction, disaster response system, and ecosystem-based approach to DRR.

The countries also agreed to develop and promote the use of assessment tools to analyze and quantify the economic impact of disasters, the statement said, adding that countries also declared their intention to strengthen national and global disaster preparedness, recovery, rehabilitation, and reconstruction systems.

On the last priority, the members accentuated the need for the effective application of nature-based solutions and ecosystem-based approaches for DRR, the statement added.