Syllabus Section: Environment and Ecology (GS Paper III)

 

Importance: UPSC Prelims and Mains

 

Why in News?

Recently, a global coalition of ten organisations launched the Global Resilience Index Initiative (GRII) to build a universal model for assessing resilience to climate risks. 

 

About the Initiative

• It was launched during the Conference of Parties (CoP) 26 adaptation day (8th November 2021), it will be the world’s first curated, open-source reference index.
• 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) and Coalition for Climate Resilient Investment (CCRI)

 

Mission and Goals

GRII partners and supporters are: Coalition for Disaster Resilient Infrastructure (CDRI) Coalition for Climate Resilient Investment (CCRI) Fathom GEM Foundation Insurance Development Forum (IDF) Oasis Loss Modelling Framework UK Centre for Greening Finance and Investment (CGFI) United Nations office for Disaster Risk Reduction (UNDRR) University of Oxford Willis Towers Watson

The mission of the GRII is to address the data emergency that is contributing to the climate crisis by helping sectors across the global economy quantify the value of building climate resilience and the costs of doing nothing. It will enable asset owners to compare portfolio risks across geographies and hazards, as well as helping countries to prioritise national adaptation investments.

 

The coalition behind the GRII is seeking to achieve two initial goals:

1. Offer global open reference risk data using metrics built on insurance risk modelling principles;
2. Provide shared standards and facilities applicable to a wide range of uses, including corporate climate risk disclosure, national adaptation planning and reporting, and the planning of pre-arranged humanitarian finance.

 

Why 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

• 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 investments needed to meet the Paris goals on climate-resilient development.
• It can be used in aggregated risk management across sectors and geographies.
• 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 help in providing 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.

 

Source: Down to Earth