A Regional Forum on Climate & Disaster Risk Finance for Pacific Island Countries
Thank you for making URf Pacific such a success!
More than 200 attended, including seven Ministers of Finance and representatives from the governments of 13 Pacific Island countries, donor agencies, development banks, academia, and the private sector. This diverse group shared best practices and tools to improve disaster risk finance in the region and across Small Island States more broadly.
Watch the World Bank’s Samuel Maimbo interview Vanuatu’s Minister of Foreign Affairs, Ralph Regenvanu:
Key takeaways from the event:
- Resources in the Pacific are falling short of the needs of Pacific populations given growing disaster risk resulting from climate change.
- Investments in risk financing are integral to creating comprehensive disaster resilience.
- The private sector has a key role to play in building resilience and in helping countries transfer risk to financial markets.
- Regional cooperation is key to better managing risks in the Pacific and across Small Island States.
- Improved data and risk modelling are necessary to improve the efficacy of resilience measures in the Pacific.
- Disaster risk reduction should be socially inclusive. Cash transfer programs and other social safety nets can play a crucial role in assuring resilience among vulnerable populations.
- Technology can improve management of climate and disaster risks. Examples discussed include the use of artificial intelligence to support decision-making and investing and financial innovation to support the development of risk sharing mechanisms.
- Find photos, videos, and presentations from URfP on the Financial Protection Forum website.
- Additionally, we invite you and your colleagues to participate in the newly launched Fundamentals of Disaster Risk Finance e-learning.
From October 16-19th, the Understanding Risk Finance Pacific forum took place in Port Vila, Vanuatu, bringing together policymakers, financial risk managers, and development partners, from the region and around the globe, to strengthen regional collaboration on climate and disaster risk finance in the Pacific. URf Pacific provided a platform to explore the challenges and opportunities of managing disaster risk in Pacific Island Countries (PICs), and Small Island States more broadly.OVERVIEW
URf Pacific was co-organized by the Government of Vanuatu – Ministry of Finance and Economic Management (MFEM)and the World Bank’s Disaster Risk Financing and Insurance Program (DRFIP) and is part of the PCRAFI Program, which supports regional efforts to strengthen the financial resilience of PICs through generous contributions from Canada, Germany, Japan, the United Kingdom and the United States.
Over four days of discussions and in-depth trainings, more than 20 technical, policy and interactive training sessions showcased innovative approaches in government action, community engagement, and private sector solutions, focusing on two core themes:
- Understanding Risk: improving the way risk information is gathered, analyzed, and communicated to better manage disaster risk
- Building Financial Resilience: planning ahead to better manage the financial and humanitarian impacts of disasters
- Strengthen collaboration on climate and disaster risk finance among Pacific Island Countries, and across Small Island States
- Provide opportunities for knowledge exchange among countries and between regional organizations
- Capture best practices and identify areas for collaboration on disaster risk finance and insurance among PICs and with global partners
Check out the latest technical program, keynotes, and training. (Agenda)
Please visit the event page or contact DRFPacific@worldbank.org