India calls for dedicated global funding mechanism for tackling disaster risks
New Delhi: India has called for a dedicated international mechanism to support the establishment and strengthening of financing systems to help nations mitigate disaster risks.
Speaking at the Ministerial Roundtable on Disaster Risk Reduction (DRR) Financing at Geneva on 4 June, P.K. Mishra, principal secretary to prime minister Narendra Modi, called for the creation of a global facility, backed by the UN system and multilateral financial institutions, to provide catalytic funding, technical assistance, and a platform for knowledge exchange, according to a statement issued by the Prime Minister's Office on Friday.
The roundtable was convened by the United Nations Office for Disaster Risk Reduction (UNDRR)
He echoed India's longstanding complaint of the absence of global financing for addressing climate risks. On 29 May, in an address to students of Delhi University, finanace minister Nirmala Sitharaman said that even as countries like India have committed to a greener future, they are having to find their own resources in the absence of global funding, as reported by Mint.
She had added that India is continuously working with multilateral institutions to make sure they have enough leverage with their funds to finance the common cause of climate action.
Speaking on India's approach to disaster risk reduction, Mishra said that the country's financing system was built on four key principles. This includes dedicated financial windows for preparedness, mitigation, relief, and recovery. Second, prioritization of the needs of affected people and vulnerable communities. The third is accessibility of financial resources across all government levels—central, state, and local. Fourth, accountability, transparency, and measurable outcomes guiding all expenditures.
Emphasizing on the importance of predetermined, rules-based allocations flowing from national to state and district levels, Mishra added that the Disaster Management Act of 2005 ensured that disaster financing in the country is structured and predictable rather than reactive.
Mishra stressed that disaster risk financing must be nationally owned and driven, complemented by international cooperation.
The G20 presidency drove efforts to reduce disaster risks by setting up the Disaster Risk Reduction (DRR) Working Group in the 18th meeting of the G20, hosted by India on 9 and 10 September, 2023. In the G20 New Delhi Leaders' Declaration, the G20 leaders reaffirmed their commitment to the UN's Sendai Framework for Disaster Risk Reduction (SFDRR), which aims to reduce disaster risks and losses globally. To achieve this, they agreed to support building up capabilities of all countries, especially lesser developed countries to strengthen climate resilience of infrastructure systems.
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