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Disaster risk financing takes center stage at G-20 DRRWG meeting in Mumbai

The second meeting of the G-20 Disaster Risk Reduction Working Group (DRRWG) is under way in Mumbai from May 23-25. This gathering is bringing 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 will encompass four technical sessions and side events. 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, 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, etc.

“The impacts of degrading biodiversity and environment are becoming increasingly apparent globally, presenting significant obstacles to preserving development progress and promoting well-being and prosperity. It is therefore imperative for G20 countries to collectively address the interrelated matters of climate change and biodiversity loss through joint international efforts. India’s G20 Presidency is committed to be inclusive, ambitious, decisive, and action-oriented. Our Panchayati Raj institutions are actively engaged in promoting renewable energy projects as well as involving rural communities,” said Union Minister of State for Panchayati Raj, Kapil Moreshwar Patil while presenting the inaugural address at the third meeting of the G20 Environment and Climate Sustainability Working Group (ECSWG).

Leena Nandan, G20 India Chair and Secretary, MoEFCC shared that a series of Focus Group Discussions had been conducted by the Indian Presidency, over the past three weeks across the three thematic priorities, where the outcome documents were discussed line-by-line. The ECSWG has placed a consensus driven approach at the heart of its modus operandi.

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