G20 DRR Meet Begins: Structured mechanism for financing needed for disaster risk reduction, says PK Mishra

economictimes.indiatimes.com:

Working Group commenced here on Monday with Principal Secretary to Prime Minister, P K Mishra emphasising the importance of structured mechanism to finance disaster risk reduction. Over the last few years, India has completely transformed the way disaster risk reduction is financed, he said.

«We now have a predictable mechanism for financing not just disaster response but also disaster mitigation, preparedness and recovery. Can we have analogous arrangements at the global level as well?» he asked while inaugurating the DRR Working Group meeting under India's Presidency.

«In the area of financing disaster risk reduction, it is important that we pursue structured mechanisms at all levels for financing all aspects of disaster risk reduction,» he said. Mobilising private finance for disaster risk reduction has been a challenge but without it one would not be able to go very far in addressing all the disaster risk reduction needs, Mishra claimed.

«What kind of enabling environment should the governments create to attract private finance into disaster risk reduction? How can G20 generate momentum around this area and ensure that private investment in disaster risk reduction is not only an expression of corporate social responsibility but part of the core business of firms?» he said. In the area of disaster resilient infrastructure, the benefits of the Coalition for Disaster Resilient Infrastructure are already being seen with the partnerships established with a number of G20 nations, the UN, and others a few years ago, Mishra said.