Climate Risk Management – Promising pathways to avert, minimise and address losses and damages
This paper presents a climate risk management (CRM) framework developed by the Global Programme on Risk Assessment and Management for Adaptation to Climate Change (Loss and Damage) (GP L&D) to manage climate-related risks. A risk-based, iterative approach, the framework takes into consideration social, economic, non-economic, institutional, biophysical and environmental aspects. It understands measures related to mitigation, climate change adaptation, disaster risk reduction, and risk finance and insurance as complementary parts of the same toolbox. In order to attain the smartest mix of measures for a given situation, it links tried-and-tested measures with innovative instruments and transformational approaches in a comprehensive and integrated way.
This paper put forward several recommendations to foster a comprehensive approach to CRM. Fostering this approach requires fostering dialogue and raise awareness about losses and damages as well as comprehensive CRM approaches, particularly between the Disaster Risk Reduction (DRR) and Climate Change Adaptation (CCA) practitioners. Awareness about the benefits of risk-informed behaviour and management must be strengthened while supporting a holistic and adaptive approach that links communities, local authorities, the private sector and national action and partnering with multiple stakeholders. Existing approaches and methodologies must be improved to assess actual and future climate-related risk along with making climate risk assessment data publicly available and in translated versions. Gaps must be identified and the portfolio of effective CRM measures expanded. Practitioners must promote CRM measures that offer multiple co-benefits and generate experience and good practices. Finally, implementing a robust monitoring, evaluation, and learning frameworks helps inform future decisions and resource allocations.