NDMA Chairman Urges Stronger Disaster Risk Financing Tools To Tackle Climate Losses

National Disaster Management Authority (NDMA) Chairman on Thursday called for greater integration of disaster risk financing tools, including sovereign risk pools, public asset insurance, and community-level microinsurance schemes, to better protect against climate-related losses

BAKU, (APP - UrduPoint / Pakistan Point News - 14th Nov, 2024) National Disaster Management Authority (NDMA) Chairman on Thursday called for greater integration of disaster risk financing tools, including sovereign risk pools, public asset insurance, and community-level microinsurance schemes, to better protect against climate-related losses.

Representing Pakistan at the COP-29 summit in Baku, Azerbaijan, Lt. General Inam Haider Malik spoke on the panel titled “Global Climate Finance Mechanism: Assessing Equity and Effectiveness” at the ICESCO Pavilion. He highlighted the critical lessons learned from Pakistan’s devastating 2022 floods, emphasizing the need for scalable and rapid disbursement financing mechanisms. “Timely access to funds significantly strengthens disaster response and recovery efforts,” Malik stated, advocating for pre-arranged financial instruments like contingency funds and insurance products to bolster financial preparedness.

The session convened global experts to discuss financing solutions critical for effective disaster response and climate resilience.

He stressed that Pakistan’s climate finance strategy for COP-29 focuses on adaptation and resilience. “Our aim is to advocate for financial commitments that extend beyond mitigation, addressing the immediate adaptation needs of vulnerable nations like Pakistan,” he stated.

He also pointed to the need for regional cooperation, suggesting that alliances with neighboring countries facing similar climate risks could amplify Pakistan’s voice in international negotiations for equitable financing access.

The NDMA’s involvement at COP-29 highlights Pakistan’s dedication to tackling climate change and strengthening resilience through international collaboration and support.