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The Race to Resilience (R2R) Campaign presented its second progress report at the 2023 United Nations Climate Change Conference, COP28.
The report highlights the adaptation and resilience efforts of Non Party Stakeholders and its contribution to the overarching goal of putting people and nature first, with the aim of making 4 billion people more resilient to climate change by 2030.
In the years since its inception, the campaign has made significant strides, committing to transforming pledges into tangible impacts.
To date, the campaign’s 34 partners and over 647 members, including 86 cities and 78 regions, have made pledges targeting resilience actions across 164 countries. The report states that these initiatives have pledged to enhance the resilience of 3.17 billion people by 2030, with concrete action plans already targeting more than 1.87 billion people.
The report also highlights the substantial financial mobilisation underway, with partners collectively mobilising US$39.44 billion. This funding is critical for implementing resilience-building actions and bridging the gap between pledges and plans.
Spotlight on the work of the Insurance Development Form
Insurance plays a critical role to provide financial protection to climate shocks, as well as risk analytics and investment. The report highlights the work of the Insurance Development Forum as a R2R partner as a successful Private Public Partnership addressing the protection gap, building global resilience and accelerating collective effort.
“With a unique and diversified membership base across the public, private and development sectors focused on the implementation in the adaptation and resilience agenda, the Insurance Development Forum has focused on the delivery of content and capability to build sovereign and humanitarian capacity in finance-aware risk analytics and filling critical model and data gaps across two main programmes: the Global Risk Modelling Alliance (GRMA) and the Global Resilience Index Initiative (GRII).
At the IDF Summit, the GRII secured new agreements and funding to provide open, globally consistent climate risk data for governments and financial institutions to scale-up climate adaptation, resilience and loss and damage finance and protect exposed communities and economies.”
The report also highlighted three of the Insurance Development Forum’s Tripartite projects – in-country programmes delivered in partnership with the German government and the United Nations Development Programme. During 2023 through the Tripartite agreement, the Insurance Development Forum launched a sovereign risk transfer project to benefit nearly 17,000 smallholder farmers in Uzbekistan over two years. A separate Implementation progress update was also issued following conclusion of two-year Medellín Tripartite Project in Colombia, while implementation updates were also issued the transformative inclusive insurance roadmap initiative in Kenya and the inclusive insurance roadmap in Senegal.
On the successful Tripartite implementation in Medellín, Colombia, the report notes:
“The [Medellín] project introduced parametric insurance, offering rapid financial assistance based on predetermined triggers like rainfall levels to enhance financial resilience against climate-related risks and natural disasters. By successfully navigating local challenges, shifting from satellite data to local sources, and addressing regulatory obstacles, the project served as a bridge connecting the insurance sector with the community’s needs. Its collaborative approach, local stakeholder engagement, and adaptability offer valuable lessons for similar financial solutions in other cities in Colombia and beyond, contributing to greater climate resilience.”
2024 and beyond
While the second Race to Resilience Progress Report highlights the Campaign’s evolution from commitment to impactful actions that enhance the resilience of people and nature, the journey is far from over.
“Going forward, our focus will be on broadening the Campaign’s scope to address the wider range of hazards and climate impacts, particularly in infrastructure, coastal, and ocean systems. Enhancing early warning systems, conducting climate risk assessments, and improving connectivity and basic services will be other vital areas for expansion. Equally important will be expanding the involvement of Global South Partner initiatives, continuing support for both implementation and reporting,” the report states.
12th December, 2023