Source: The Telegram

As extreme weather events such as droughts, floods, and tropical cyclones increase in frequency and intensity – they place significant stress on societies and natural systems.

The Pacific Financial Inclusion Programme in partnership with the Munich Climate Insurance Initiative is conducting a study to determine how weather-related events have impacted the livelihoods of Pacific Islanders.

MCII Executive Director, Sönke Kreft says these events lead to loss of income and productive potential, forcing affected low-income individuals to use a variety of coping strategies.

This includes reducing food consumption, taking children out of school, borrowing money, taking money out of their retirement fund and selling assets.

Consultations are currently underway in Fiji, Vanuatu, and Tonga with relevant stakeholders.

At the conclusion of the assessments, the goal is to develop appropriate disaster risk financing mechanisms and corresponding implementation plans.

From fact-finding missions to implementation, this will be a UN inter-agency collaboration to help countries address new and pressing threats.

PFIP says Pacific countries and its people are in dire need of suitable climate risk adaptation.

MCII brings to the project in the Pacific its expertise in climate risk adaptation and will draw on lessons learned, and best practices developed as part of the Climate Risk Adaptation and Insurance in the Caribbean project.