Recently, a crucial development has hit the news circuit. A global coalition of ten organizations collectively rolled out the Global Resilience Index Initiative (GRII), marking a momentous stride in the fight against climate change and its detrimental impacts.
Launch of the Global Resilience Index Initiative (GRII)
The GRII was unveiled at the UNFCCC Conference of Parties (CoP) 26 adaptation day on 8th November 2021. Touted as the world’s first curated, open-source reference index, the initiative aims to devise a universal model that effectively assesses resilience to climate risks. Moreover, the index seeks to offer reference data on climate and natural hazard risks, an effort to protect endangered populations and economies, particularly in emerging and developing nations.
Purpose and Applications
The main intention behind launching the GRII is two-fold. Firstly, it is set to present global open reference risk data created in line with insurance risk modeling principles. Secondly, the initiative hopes to introduce shared standards and facilities applicable across a broad spectrum of uses – from corporate climate risk disclosure to national adaption planning and reporting to planning pre-arranged humanitarian finance.
Partners and Supporters of GRII
The inception of the GRII has been supported through partial funding and in-kind contributions primarily from the insurance sector, along with partner institutions. Two notable entities partnering for the cause include the Coalition for Disaster Resilient Infrastructure (CDRI) and the Coalition for Climate Resilient Investment (CCRI).
The Need for GRII
The distressing reality is that natural catastrophes cost nearly USD 200 billion globally in 2020. Since 1970, climate-related disasters have claimed over 2 million lives, with 9 out of every 10 casualties in developing countries. In recent years, virtually every nation has suffered the severe impacts of climate change in one way or another. Therefore, resilience to climate disruption is crucial, as it can save millions of lives and livelihoods.
Significance of GRII
The outcomes generated by this risk analysis initiative are set to play a pivotal role in mitigating the insurance protection gap and steering investment and aid where they’re needed most. By enabling global economic sectors to tangibly comprehend the value of building climate resilience and the costs of inaction, it directly addresses the data emergency contributing to the escalating climate crisis. Another notable advantage is that it permits asset owners to assess portfolio risks across various geographies and hazards. Additionally, it offers assistance to nations in prioritizing national adaptation investments.
At the end of the day, the GRII is an encouraging stride towards countering climate change and building a more sustainable future. As the world struggles with the challenges posed by climate change, such initiatives prove to be a beacon of hope for effective mitigation and planning.
