The Coalition for Disaster Resilient Infrastructure (CDRI) was an integral part of the second meeting of the G-20 Disaster Risk Reduction Working Group, held in Mumbai from 23-25 May 2023.
CDRI is a knowledge partner to the DRR Working Group, a group established under India’s G-20 presidency. The five priorities identified by the group are early warning for all, resilient infrastructure, improved financing of DRR, systems and capacities for response and ‘build back better’, and eco-system-based approaches to DRR. The priorities aim to provide added impetus to the achievement of the Sendai targets globally.
The 2nd DRR Working Group meeting aimed at identifying opportunities and examining creative financing mechanisms for mitigating the impact of disasters on vulnerable communities. Senior representatives from the government, industry, and the private sector attended the meeting.
CDRI participated in the side event on ‘Financing Disaster Risk Reduction’ and organized two side events:
- Infrastructure Risk Assessment Tools and Data Platforms, and
- Financing Risk Prevention - Round Table with Private Sectors on Financing Disaster Risk Reduction
The side event ‘Infrastructure Risk Assessment Tools and Data Platforms’ deliberated on current developments in risk-informed infrastructure investments, data and information needs, emerging innovations in risk information and challenges to be collectively addressed by the G-20 members for ensuring resilient infrastructure investments.
The side event on ‘Financing Risk Prevention - Round Table with Private Sectors on Financing Disaster Risk Reduction’ aimed at generating insights and recommendations for unlocking private-sector financing to build resilient infrastructure that can withstand the challenges of the 21st century.
Stakeholders from the private sector, financiers, developers, government, academia, and International Organizations gathered to discuss innovative approaches and best practices in leveraging private sector financing and monetizing resilience benefits, public-private partnerships, impact investments, effective ways for navigating evolving risk landscape while maintaining transparency, and inclusion of risk reduction and resilience metrics in business models.
Insights from the G-20 DRR Working Group meeting are expected to foster a broader understanding and incentivize action towards disaster risk reduction (DRR) and disaster resilient infrastructure (DRI).