Nature-based solutions
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On 22 May, 2020, the International Day of Biological Diversity, the International Institute for Environment and Development (IIED) hosted an online event to discuss how we can translate the global ambition around nature-based solutions for climate change into local action. This is a presentation given by Chip Cunliffe, sustainable development director at AXA XL. More details: https://www.iied.org/nature-based-solutions-for-climate-change-global-ambition-local-action
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Nature-based solutions
- 1. Nature-based solutions for climate change: from global ambition to local action Chip Cunliffe Director, Sustainable Development, AXA XL 22nd May 2020
- 2. Ocean Risk in context Sea level and population density projections indicate that 800m will be at risk from coastal flooding and storm surges by 2050¹ Small Island Developing States and the Least Developed Countries are most threatened by ocean risk The IPCC states that climate change and anthropogenic pressures require ‘transformative changes’ to restore and protect nature ¹ https://www.c40.org/other/the-future-we-don-t-want-homepage ² https://www.preventionweb.net/risk/direct-indirect-losses ³ http://www.lloyds.com/~/media/Files/News%20and%20Insight/360%20Risk%20Insight/Global_Underinsurance_Report_311012.pdf In the last 10 years, insurers alone have paid out more than $300 billion for coastal storm damage – but this is dwarfed by amounts paid out by governments and taxpayers²
- 3. Lack of understanding of how investing in natural capital can provide a timely and productive return Limited pipeline of risk adjusted investable projects to attract financing Insufficient data and modelling capabilities for investors to quantify ocean-derived risk Inadequate enabling policies to shift investment away from unsustainable infrastructure Apparent need for investment returns to be available in a short time period 1 2 3 4 5 Barriers to private investment in natural capital
- 4. Science and Research Accelerate research and data to better analyse, predict, model manage ocean risk Practice and Innovation Build risk-adjusted scalable projects that deliver a return on investment while increasing resilience to ocean-derived risks Policy and Governance Inform and advance ocean resilience policy, governance, private sector and public understanding Pioneering finance products to regenerate coastal natural capital and build resilience in the most exposed and vulnerable regions and communities
- 5. ORRAA uses the expertise of its membership to develop pioneering finance products Blue carbon credits Resilience credits Sovereign bonds Corporate bonds Catastrophe bonds Risk modelling expertise Parametric cover Policy wording Credit risk Risk pools RISK & INSURANCEFINANCE PRODUCTS Practice & Innovation
Editor's Notes
- Protection gap is very wide. In all our interests to close it. Is the difference between the amount of insurance coverage that is economically beneficial and what is actually purchased. In some countries this is as high as 95%.