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What is the News?
The Global Resilience Index Initiative (GRII) has been launched at COP26.
What is the Global Resilience Index Initiative(GRII)?
GRII is a public-private partnership initiative launched to build a universal model for assessing resilience to climate risks.
Aim: To help global economic sectors understand the value of building climate resilience and the costs of doing nothing.This will help address the data emergency that is contributing to the climate crisis.
Objectives of GRII: The coalition wants to achieve two immediate goals:
First, they want to provide global open reference risk data developed using insurance risk modelling principles.
Second, they want to provide shared standards and facilities applicable to a wide range of uses: Corporate climate risk disclosure, national adaptation planning and reporting, and the planning of pre-arranged humanitarian finance.
Partners Institutions: GRII has been initiated with partial funding and in-kind contributions from the insurance sector and partner institutions such as Coalition for Disaster Resilient Infrastructure (CDRI) among others.
What is the significance of this GRII initiative?
It will be the world’s first curated, open-source reference index.
The initiative could enable asset owners to compare portfolio risks across geographies and hazards as well as helping countries to prioritise national adaptation investments.
Source: This post is based on the article “Towards better adaptation: Global model to assess resilience to climate risks launched” published in Down To Earth on 9th November 2021.
