We must mobilise private finance for disaster risk reduction: P.K. Mishra

Speaking at the Third Meeting of the G20 Disaster Risk Reduction Working Group in Chennai, Mishra said India now has a predictable mechanism for financing not just disaster responses but also disaster mitigation, preparedness and recovery. “Can we have analogous arrangements at the global level as well? Mobilising private finance for disaster risk reduction has been a challenge, but without it we will not be able to go very far in addressing all the disaster risk reduction needs,” he added.

“What kind of enabling environment should the governments create to attract private finance into disaster risk reduction? How can G20 generate momentum around this area and ensure that private investment in disaster risk reduction is not only an expression of corporate social responsibility but part of the core business of firms?” Mishra asked.

The principal secretary to the prime minister recalled meeting the G20 working group for the first time in Gandhinagar this March and pointed out the unprecedented climate change-related disasters that have taken place since then. He gave examples of massive heat waves gripping the entire northern hemisphere, forest fires in Canada and the haze that followed which affected cities in various parts of North America, and major cyclonic activities on the east and west coasts of India. The Principal Secretary also touched upon Delhi experiencing its worst flood in 45 years.

Underscoring the immense and interconnected impact of climate change-related catastrophes, Mishra stressed that these formidable challenges are already on the horizon. In light of the far-reaching effects of climate change, he reiterated the importance of the G20 disaster risk reduction working group. While acknowledging the group’s significant progress and momentum, he emphasized the need to address the challenges at a scale commensurate with the global magnitude of the issue.

Mishra emphasized that incremental changes are no longer sufficient, and the time is ripe for transformative measures at local, national and global levels to prevent the creation of new disaster risks and manage existing ones effectively.

Speaking on the convergence of national and global efforts, Mishra advocated for a collaborative and problem-solving approach, transcending narrow institutional perspectives. In this context, he commended the “Early Warning For All” initiative by the UN Secretary General, affirming that the G20 has identified “Early Warning and Early Action” as one of its top five priorities, pledging full support to its realization.

Addressing the crucial aspect of financing disaster risk reduction, Mishra stressed the need for well-structured mechanisms at all levels to finance comprehensive disaster risk reduction strategies.

He highlighted India’s transformative efforts in disaster risk reduction financing, where predictable mechanisms have been established for financing not only disaster response but also mitigation, preparedness and recovery. Urging global counterparts to follow suit, he questioned whether analogous arrangements at the global level could be established.

On “Building Back Better” after disasters, there has been much practical experience over the last few years but ways have to be found for institutionalising some of the good practices.

In a short span of four months, the working group has made a lot of progress and generated good momentum but more needs to be done. “The ambition of this working group must match the scale of problems we face…We need transformation of local, national and global systems for preventing the creation of new disaster risks and effectively managing existing disaster risks,” he further said.

Updated: 24 Jul 2023, 08:05 PM IST