Financing Coastal Resilience - Scale of the Problem
This blog series will focus on #sustainablefinance for #coastlines and #islands #SIDS that face existential threats from #climatechange. At #oceanassets1, we are developing solutions to engage #responsibleinvestors and #blendedfinance in this challenge.
First, let's look at the scale of the #climateresilience problem for coastal regions:
1. Over 800mn people are at high risk of coastal flooding and storm surges
2. In the last 10 years, insurers alone have paid out more than $300bn for coastal storm damage
3. Amounts paid out by governments and taxpayers are up to 10x the insured levels
4. The World Bank identified the impact of extreme disasters as equivalent to a global $520bn loss in annual consumption, forcing 26mn people into poverty each year
5. At least $200bn annually is needed for the next 20 years to combat losses from climate impacts.
The benefits of resilience-building interventions (including insurance policies), would help countries and communities save at least $100bn per year and reduce the overall impact of disasters on well-being by 20%.
Next week: The Resilience Insurance Gap.