Disaster Risk Financing to take centre stage at Second G20 DRRWG Meeting
Mumbai: The second meeting of the Disaster Risk Reduction Working Group (DRRWG) is set to take place in Mumbai from 23-25 May 2023. The gathering will bring together government officials, industry experts, private sector and stakeholders from more than 20 countries to explore innovative ways of managing disaster risk and financing for sustainable development. The meeting will enable G20 countries to identify opportunities and explore innovative financing mechanisms to reduce the impact of disasters on vulnerable communities.
As the G20 nations face an increasing number of natural disasters and climate change-related risks – with a combined estimated Annual Average Loss of $218 billion or 9% of average annual investment in infrastructure, the second DRRWG meeting with high-level dialogue on financing for development is an opportunity to call-for-action on finance for DRR. It will cover public and private financing, social protection, knowledge sharing, and international financing mechanisms for disaster response, recovery and reconstruction.
The DRRWG will also host side events on infrastructure risk assessment tools and data platforms, and the importance of adopting a ‘build back better’ approach that incorporates ecosystem-based approaches and engages local communities. The various other agendas including the establishment of a national framework, incentivizing private investments, and supporting disaster preparedness, will pave the way towards a more resilient future.
In addition to the G20 member countries, the invited countries and international organizations like Coalition for Disaster Resilient Infrastructure, important Indian key stakeholders like Ministry of External Affairs, Government of India, National Disaster Management Authority, National Institute of Disaster Management, National Disaster Response Force are expected to participate at the second DRRWG meeting.