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A New Tool for Building Stronger Public-Private Partnerships in Climate Risk Management

The Stakeholder Landscape in Extreme Events and Climate Risk Management is the latest tool for graphical illustrations of the evolution of the complex international stakeholder engagement and initiatives related to the three international policy framework agreements in sustainable development, climate change and disaster risk reduction, over the last five decades.
The United Nations (UN) and its agencies right from the 1950s have remained the major backers of sustainable development, climate change and disaster risk reduction during international policy dialogue. In the year 2015, more than 190 member states adopted 3 international agreements: (i) The Sendai Framework for Disaster Risk Reduction (2015-2030), (ii) The 2030 Agenda for Sustainable Development; and, (iii) The COP21 Climate Change Paris Agreement.
These procedures have greatly affected the manner in which problems of sustainable development, climate change and disaster risk reduction have been seen and tackled by national governments in the past fifty years. The combination of these frameworks agreements in 2015 has introduced coherence, clarity to the global scene, making way for a more focused track for global development.
Essential to this combination is the value of integrated and coherent method to disaster risk and climate management developed on strong public-private partnerships. An approach like this is risk informed and comprises ex-anteinvestments, (i) risk reduction through early warning system, preventive measures, and emergency readiness; and, (ii) using risk transfer and risk financing to share the residual economy.
Effective reconstruction plans following the disaster to further mitigate the risk and develop resilience. However, the three agreements have identified, implicitly or explicitly, the essential role insurance plays in developing economic resilience to risk associated with climate and threatening events.
This tool buttresses the multifaceted landscape of stakeholders that have sprung up in the last ten years. Additionally, the various stakeholders at the national, regional, local and international level have launched several multilateral initiatives to build more integrated and proactive risk management solutions to reduce economic losses, safeguard livelihoods, and human lives.
These major initiatives are grouped under four key areas:
1.      Development of risk assessment and risk knowledge capacities,
2.      Promoting and incorporated approach to curtailing climate risk and disaster,
3.      Innovations and solutions in insurance solutions and risk transfer; and,
4.      Risk transfer solutions (or mechanisms) for the agriculture sector.
However, regardless of the apparent progress, notable achievements, a very active multi-stakeholder engagement and linked initiatives, these areas are still disaggregated. The formation of scalable, sustainable, and integrated risk management practices will need stronger tactical public–private partnerships that take advantage of the strength of stakeholders, align priorities and prevent redundancies.