Global Resilience Index: World coalition launches new index to measure climate change resilience

A worldwide coalition of 10 groups launched the Global Resilience Index Initiative (GRII) on November 9, 2021, to create a universal model for assessing resilience to climate change. The curated, open-source resource may be utilised in aggregated risk management across industries and regions.

According to the United Kingdom’s Centre for Greening Finance & Investment (CGFI), one of the partners in the initiative, the model will assist governments to focus on national adaptation efforts.

“The GRII builds upon extensive cross-sector risk modelling expertise, including public-private collaborations between governments, academics, insurance, and engineering,” CGFI stated in a statement.

The tool would give high-level data “across the built environment, infrastructure, agriculture, and social exposures,” it stated.

Mark Carney, United Nations Special Envoy on Climate Action and Finance and one of the sponsors of GRII, stated

The conclusions of this risk analysis will help reduce the insurance protection gap and focus investment and aid where they are needed the most, he said.

The model will help global economic sectors comprehend, in real terms, the advantages of increasing climate resilience and the price of doing nothing, CGFI added. This would “address the data emergency that is contributing to the climate crisis,” the organisation added.

Almost every nation has suffered the devastating effects of climate change in recent years in some way or another. “In the previous year, the heatwave in Vancouver, the floods in Germany, the polar vortex in Texas, and the drought in Madagascar have exposed everyone to the dreadful human consequences of climate change,” said Emma Howard Boyd, head of the Environment Agency and chair of the CGFI advisory board.

She stressed that systems and economies adaptable to climate change can save millions of lives and livelihoods.

The group intends to accomplish two urgent objectives. First, they seek to give worldwide open reference risk data generated using insurance risk modelling concepts.

Second, they intend to establish common standards and facilities relevant to a broad variety of uses, such as corporate climate risk disclosure, national adaptation planning and reporting, and the preparation of pre-arranged humanitarian financing.

CGFI stated in its statement that GRII has been started with some financial and in-kind contributions from the insurance industry and partner institutions.

 

Source: DownToEarth

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