Finance for climate action is among the key focus areas of today’s global finance discussion. This includes finance needed for climate action, mostly climate change mitigation and adaptation. However, the broader discussion on climate finance is also accepted by stakeholders to encompass finance needs to address climate-induced losses and damages at the global and national levels. This includes among others finance needs targeting actions aimed at addressing climate and disaster risks, which have the potential to increase existing social, economic, and environmental vulnerabilities.
Climate and disaster risk transfer in national policies and climate commitments can strengthen the resilience of vulnerable communities and sectors against the impacts of climate and disaster risks. With the objective of enhancing the understanding of risk transfer mechanisms as a key instrument to address climate change impacts, build capacities, and to share lessons learned in Sri Lanka and across the world, SLYCAN Trust, in its workshop series on Climate Risk and Risk Transfer, included a session on ‘Integrating Climate and Disaster Risk Transfer into National Policies and Climate Commitments’. This dialogue, held as a virtual event on 20 January 2021, focused on challenges, opportunities, and synergies of integrating risk transfer into national policies and commitments.
The agriculture sector of Sri Lanka plays an important role in the country’s economy and is one of the sectors that is most vulnerable to climate change. Changing weather patterns, pest and animal attacks, and soil degradation, among other factors, have decreased the productivity of the sector, resulting in implications to livelihoods, food security, and the economy. Climate and disaster risk management in Sri Lanka’s agriculture sector can go a long way in ensuring that farmers and other stakeholders are able to cope with and adapt to risks brought about by climate change and disasters.
Climate or disaster risk can be understood as the interaction of hazards, exposure, and vulnerability. A comprehensive risk management framework – through measures connected to risk awareness, risk prevention, risk reduction, risk transfer, and risk retention – has the potential to address climate and disaster risks in a holistic way.
The Youth Partnership on Climate and Disaster Risk Management in Sri Lanka was launched on September 1st, 2022. The Partnership is hosted by SLYCAN Trust and aims to build climate and disaster risk resilience among youth and facilitate their engagement in championing risk management in the country. Further, it is interlinked with the Global Youth Forum on Climate Change (GYFCC) organised by SLYCAN Trust in Sri Lanka in partnership with the Ministry of Environment and the Climate Change Secretariat of Sri Lanka.
On May 5th, 2022, SLYCAN Trust hosted an initial technical dialogue on accessing and scaling up climate and disaster risk finance for Sri Lanka and engage key stakeholders from the public and private finance sector.