The Imperative of Disaster Risk Reduction Strategy in G20 Countries

The G20 nations, comprising 4.7 billion of the global population, are at risk due to high asset concentration and susceptibility to natural disasters.

• Interestingly, four out of the ten countries most vulnerable to disasters are G20 members, according to the world risk index.
• The estimated annual average loss for G20 countries equals 9 per cent of the average annual infrastructure investment, amounting to a staggering $218 billion.
• Socio-economic losses of such magnitude can be mitigated by implementing several measures like:
• Improving economic and urban development strategies
• Enhancing environmental protection
• Reducing poverty and inequality
• Establishing early warning systems
• Conducting regular risk assessments
• Building infrastructure resilient to disasters

India's Initiatives:

• India has spearheaded a new workstream within the G20 to underscore the significance of disaster risk reduction.
• A second meeting of the Disaster Risk Reduction Working Group was recently held in Mumbai, marking progress in this direction.

Suggested Reading: Sendai Framework for Disaster Risk Reduction

Recommended Steps for Disaster Risk Reduction

• Innovative financing measures are crucial, considering budget constraints linked to fiscal deficit targets. Creating reserve funds, dedicated lines of credit, and tapping global resources are some potential financing tools.
• As government budgets prioritize capital expenditure, it is essential to ensure that infrastructures such as roads, rails, airports, and power lines are disaster-resilient, necessitating additional funds.
• Different strategies are required to deal with intensive risk (from low-frequency, high-impact events) and extensive risk (from frequent but moderate impacts).
• Given that extensive risk events account for a significant proportion of losses, a targeted approach to deal with such events is vital.
• Disaster risk reduction measures and climate change adaptation efforts need to converge. For instance, building flood management structures can complement adaptation efforts.
• Early warning systems, a key element of the Sendai Framework, should be deemed a global public good. The UN Secretary General’s initiative on early warning for all can serve as a guiding principle.
• Disaster risk needs to be approached as a multi-tiered and multisectoral effort. Efforts should be integrated vertically across governments and horizontally across sectors. The G20 can pioneer this strategic creation.
• The Working Group on Disaster Risk Reduction provides an opportunity for the G20 to lead the implementation of the Sendai framework over the coming years.

Related Links