LASG, UNDP, OTHERS HOLD WORKSHOP ON CLIMATE, DISASTER RISK FINANCE
The Lagos State Government in partnership with the United Nations Development Programme and other development partners has held a four-day Climate and Disaster Risk Finance Workshop to forge innovative solutions and strategies that will protect communities and contribute to the global pursuit of sustainability and resilience.
Addressing participants at the workshop held recently at Protea Hotel, Ikeja, Special Adviser on Sustainable Development Goals to the Governor, Dr. Oreoluwa Finnih explained that the workshop is to provide the State Government with the propensity to support individuals, communities and institutions to better prepare for, respond to and recover from climate-related shocks through inclusive risk financing and insurance solutions.
Stating that the workshop provides a bedrock upon which the government can build a resilient and sustainable future for the state, Dr. Oreoluwa noted that the shared commitment of global and national development agencies, policymakers, leaders and passionate individuals to discuss the pressing issues of climate and disaster risk financing underscores the prominence of Lagos in the attainment of sustainable development.
“We recognise the critical importance of collaboration and knowledge sharing. Our goal is to develop innovative strategies for financing, risk reduction, and mitigation in the face of growing environmental challenges”, she said.
Describing the remarkable effort of Mr. Governor in advancing the cause of sustainability and resilience in the state, Dr. Oreoluwwa admitted that the unwavering commitment of the present administration towards a more prosperous and sustainable tomorrow is a beacon of hope in the collective journey toward a safer, more resilient, and environmentally responsible future.
While admitting that challenges posed by climate change and disaster risks are becoming increasingly evident, she opined that a scale-up of climate and disaster risk financing instruments is urgently needed to enable the government and the humanitarian sector to strengthen safety nets for the most vulnerable and provide more timely financing and assistance.
“There has been very limited access to the risk financing tools and services that can protect from the resulting financial losses. This is why I commend the United Nations for Development Programme for actively engaging all stakeholders through this workshop to exchange ideas and work collectively to find practical solutions that will benefit our communities and generations to come”, she confirmed.
Speaking on the significance of climate change and disaster risk to the state’s development agenda, Dr. Oreoluwa noted the presence of different MDAs at the workshop to develop a coordinated mechanism of programmes, which is to offer inclusive solutions to addressing different resilience needs of vulnerable communities taking into account the state’s risk profiles and corresponding gaps in financial protection mechanisms.
“As a state government, we look forward to this workshop addressing fundamental issues that will enhance the promotion of good practices of risk finance and insurance. And most importantly, create opportunities to strengthen our resilience by Integrating Climate and Disaster Risk Finance and Insurance (CDRFI) in our State Adaptation Plan Processes”, she revealed.
Acknowledging the role of other critical stakeholders including the Insurance Development Forum, the German Federal Ministry for Economic Cooperation and Development, and other Development Partners, the Special Adviser submitted that the state government is looking forward to the constructive dialogues that will drive innovation and collaboration.