Global Resilience Index Initiative (GRII)

In News

• Recently, a global coalition of 10 organisations launched the Global Resilience Index Initiative (GRII) at COP26.

About

• It will provide a globally consistent model for the assessment of resilience across all sectors and geographies. 
• The GRII will be using cross-sector risk modelling experience, including public-private partnerships between governments, academia, insurance and engineering.
• GRII has been initiated with partial funding and in-kind contributions from the insurance sector and partner institutions.
• It will help in mobilising the trillions of investment needed to meet the Paris goals on climate-resilient development.
• GRII partners and supporters: 
  • Coalition for Disaster Resilient Infrastructure (CDRI)
  • Coalition for Climate Resilient Investment (CCRI) & others
• Goals: 
  • The coalition behind the GRII is seeking to achieve two initial goals, first offer global open reference risk data using metrics built on insurance risk modelling principles
  • Second to provide shared standards and facilities applicable to a wide range of uses, including corporate climate risk disclosure, national adaptation planning and reporting, and the planning of pre-arranged humanitarian finance.

Purpose & Significance 

• By making systems and economies more resilient to climate disruption we can save millions of lives and livelihoods.
  • Natural catastrophes cost nearly USD 200 billion globally in 2020. Since 1970, over 2 million people have died in climate-related disasters; 9 out of every 10 in developing countries.
• To address the data emergency that is contributing to the climate crisis by helping sectors across the global economy quantify the value of building climate resilience and the costs of doing nothing.
• GRII could enable asset owners to compare portfolio risks across geographies and hazards, as well as helping countries to prioritise national adaptation investments.

Source: DTE