Disaster Risk Financing critical: Seruiratu

May 26, 2022 12:40 pm

Disaster Management Minister Inia Seruiratu.

There is a need to make disaster risk reduction financing facilities more accessible and flexible says Disaster Management Minister Inia Seruiratu.

Seruiratu highlighted that the annual economic losses due to disasters in the Pacific Small Island Development States are more than double the previous estimates, at US$1billion or nearly 5 percent of the combined GDP for the Pacific SIDS.

He highlighted this while contributing to the Global Platform for DRR currently underway in Bali, Indonesia.

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Seruiratu says disaster risk financing is critical in building resilience especially for Pacific SIDS.

“We cannot do this alone and we acknowledge the support of our development partners that have assisted us and continue to support our efforts to address disaster risks and the challenges of climate change. However, much more remains to be done, including the need to make DRR financing facilities more accessible and flexible.”

The Disaster Management Minister says Fiji has taken steps to minimize the impact of climate change.

“It has committed to the 100% sustainable management of our oceans by 2030, and the protection of its existing maritime boundaries irrespective of the changes to coastlines due to sea level rise as mandated in the Fiji Climate Change Act 2021.”

Seruiratu says the Government has adopted a risk-informed development approach to mainstream DRR and Climate Change Adaptation into subnational level policies, agency plans and project funding.

He adds Fiji is looking forward to continue these conversations with the DRR community at the Global Platform for DRR in Bali.