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Private investment is vital for disaster risk reduction

by Blitz India Media
July 27, 2023
in G20 podium
Private investment
Team Blitz India

CHENNAI: During the third meeting of the G20 Disaster Risk Reduction Working Group held here on July 24, PK Mishra, Principal Secretary to the Prime Minister, lauded India’s remarkable transformation in disaster risk reduction financing.

Mishra emphasised that India had successfully established a predictable mechanism for financing disaster responses, as well as disaster mitigation, preparedness, and recovery efforts.

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Among those present on the occasion were Mami Mizutori, Special Representative of the UN Secretary General; Amitabh Kant, India’s G20 Sherpa; members of G20 as well as guest countries; officials from international organisations; Kamal Kishore, Chair of the Working Group; and officials from National Disaster Management Authority, National Disaster Management Institute, and Ministry of Home Affairs.

Fragmented approaches based on narrow institutional perspectives must be replaced with problem-solving strategies, taking inspiration from initiatives like the UN Secretary General’s ‘Early Warning For All’
Private investment

The Principal Secretary highlighted the urgent need for an enabling environment that attracts private investment into disaster risk reduction at the Government level.

Drawing attention to the current global challenges, Mishra underscored the severity of climate change-induced disasters, as evidenced by massive heat waves in cities across the northern hemisphere, forest fires in Canada, and cyclonic activity in India.

He expressed concern about the interconnected and far-reaching impacts of these disasters, affecting people worldwide. Mishra stressed the critical role of the G20 Disaster Risk Reduction Working Group in addressing these pressing issues.

Collective efforts

Commending the progress made by the Working Group in a short span of four months, Mishra called for increased ambition, urging a transformation of local, national, and global systems to effectively manage existing disaster risks and prevent the creation of new ones.

He emphasised the need for cohesive efforts at national and global levels to maximise collective impact, particularly in the financing of disaster risk reduction. Fragmented approaches based on narrow institutional perspectives, he said, must be replaced with problemsolving strategies taking inspiration from initiatives like the UN Secretary General’s ‘Early Warning For All.’

Mishra also highlighted the positive outcomes from the Coalition for Disaster Resilient Infrastructure, a collaborative effort involving several G20 nations, the UN, and others.

The coalition has proved beneficial in guiding countries, including small island developing countries, on risk assessments and metrics to upgrade their infrastructure standards and make risk-informed investments in infrastructure development.

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