Disaster Risk Finance & Governance

 

The Sendai Framework for Disaster Risk  Reduction 2015-2030 and the Paris Agreement on Climate Change have recognized the need to develop and advance new and innovative financial instruments for managing and preventing losses from disaster events and climate change impacts. With increase in the frequency and severity of disaster events experienced by the FICs, it is important for FICs to strengthen financial protection against disasters and that their national planning/budgeting/oversight systems (i.e. PFM systems) are risk informed/aligned.

Outcomes

  • Strengthening risk governance and the role of central agencies through the ‘Resilient Development Financing Unit’ within the Ministry of Finance (MoF) in Tonga. This is a result of a joint initiative with the Government of Tonga, PIFS and UNDP Pacific Risk Resilience Programme. The establishment of the RDFU is the first part of a staged approach to strengthen the Ministry’s leadership capacity to support achievement of the national resilient development agenda;
  • Development of the ‘5-Point’ Disaster Risk Finance and Insurance (DRFI) Strategy which aims to provide support towards PREP Countries in terms of: i) strengthening regional coordination; ii) regional exchanges; iii) private sector engagement; iv) advancing DRFI enabling environment; v) knowledge product series;
  • Supported the review of the Republic of Marshall Islands (RMI) Joint National Action Plan on Climate Change Adaptation and Disaster Risk Management 2014-2018 (JNAP). The outcome of the review has informed the strengthening of risk governance for RMI as being pursued through the PREP 2 Project.

Partners

Supported through the World Bank PREP program, the DFAT/GIZ CFRP Project and the UNDP Governance for Resilience Programme.

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