Race to Resilience: UN-backed campaign launches new drive for insurer action on climate risk
The UN-backed Race to Resilience campaign has kick-started a workstream aiming at mobilizing half of the global insurance market within the space of 12 months, so that they are better prepared to adapt to a world of mounting physical climate impacts.
Race to Resilience was launched in the run-up to COP26 in Glasgow last year and its overarching aim is to improve the climate resilience of infrastructure and vital services for at least four billion people this decade. There is a focus on those living and working in the most climate-vulnerable and low-income areas, but the campaign is global in nature.
It has today (10 November) launched a new initiative, the Insurance Adaptation Acceleration Campaign. The Campaign’s ambition is to mobilise 3,000 insurance companies, equivalent to 50% of the market, within a 12-month period, so that they are better placed to cover assets that will face physical climate risks in the coming years and decades and to play their role in reducing these risks through partnerships.
The news builds on the fact that, earlier this week, more than 80 major insurers in Africa pledged to co-create a facility providing $14bn of cover for the continent’s most vulnerable communities and assets. This initiative, called the African Climate Risk Facility, should provide increased cover for more than 1.4 billion people.
Earlier this year, the Intergovernmental Panel on Climate Change (IPCC) warned through a key report that 3.3 billion people are already “highly vulnerable” to physical climate risks. Discussions on loss and damage – recompensating low-emission, low-income nations for physical climate impacts – and on adaptation are, understandably, key items on the agenda for COP27.
Also being launched by the Race to Resilience today is a new ‘Data Explorer’, created with the intention of improving progress tracking for adaptation initiatives across the world.
The data explorer is currently in a trial phase. It lists adaptation-related pledges from the non-state actors participating in the Race to Resilience, including more than 550 cities and some 260 regions, and tracks progress towards these goals. At present, the tool only lists data reported by the Race to Resilience participants. In time, other data sources will be added.
In other news, Race to Resilience member the Global Mangrove Alliance is pushing for a ‘Mangrove Breakthrough’ at COP27. Simply put, it wants to see nations collaborate on a shared goal of conserving, restoring and creating 15 million hectares of mangroves globally this decade. Mangroves are regarded as highly effective carbon sinks, making them a nature-based tool for climate mitigation. In regards to climate adaptation, they provide natural storm protection for coastal communities.
© Faversham House Ltd 2022 edie news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.