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Disaster Risk Reduction Financing On G20 DRRWG Agenda

By Outlook Planet Desk May 22, 2023

Disaster Risk Reduction Working Group (DRRWG) is a subsidiary body of the G20 that aims to enhance disaster risk reduction efforts globally 

Disaster Risk Reduction Financing On G20 DRRWG Agenda
By identifying opportunities and examining creative financing mechanisms, the meeting aims to mitigate the impact of disasters on vulnerable communities.
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The second meeting of the G-20 Disaster Risk Reduction Working Group (DRRWG) is scheduled to take place in Mumbai from May 23-25, 2023. This gathering will bring together government officials, industry experts, private sector representatives, and stakeholders from over twenty countries, united in their commitment to explore innovative approaches to managing disaster risk and financing for sustainable development. By identifying opportunities and examining creative financing mechanisms, the meeting aims to mitigate the impact of disasters on vulnerable communities. 

The DRRWG meeting in Mumbai which is to be held over the next three days will encompass four technical sessions and side events. These high-level deliberations will continue to build upon the cross-cutting theme emerging from the first DRRWG meeting "Financing for DRR", held in Gandhinagar from the 31st March to 1st April this year. 

Notably, Disaster Risk Reduction Working Group (DRRWG) is a subsidiary body of the G20 that aims to enhance disaster risk reduction efforts globally. The DRRWG brings together experts and stakeholders to develop strategies, share best practices, and explore innovative solutions to manage and finance disaster risks. 

This meeting has been strategically planned to immediately follow the Mid-Term Review (MTR) of the Sendai Framework for Disaster Risk Reduction 2015-2030, organized by the President of the General Assembly at the United Nations Headquarters in New York from May 18th to 19th, 2023. Within this context, the G-20 platform stands resolute in its commitment to delivering all-encompassing solutions in alignment with the objectives of the Sendai Framework. 

With G-20 nations grappling with a growing number of disasters and climate change-related risks, amounting to an estimated Annual Average Loss of $218 billion or 9% of average annual investment in infrastructure, the second DRRWG meeting assumes great significance. Through high-level dialogues on financing for development, this meeting presents an opportunity to call for action on finance for Disaster Risk Reduction (DRR).  

The discussions will encompass public and private financing, social protection, knowledge sharing and international financing mechanisms for disaster response, recovery, and reconstruction. 

Moreover, the DRRWG will host side events highlighting the significance of infrastructure risk assessment tools and data platforms, as well as the importance of adopting a 'build back better' approach that integrates ecosystem-based strategies and engages local communities. Additionally, the meeting will address various other agendas, such as establishing a national framework, incentivising private investments, and supporting disaster preparedness, which will contribute to building a more resilient future. 

The second DRRWG meeting will have a substantial attendance from G20 member countries, invited nations, international organizations, and important Indian key stakeholders, including the National Disaster Management Authority, Ministry of External Affairs, National Institute of Disaster Management, and National Disaster Response Force. 

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