New Zealand is working with the United Nations Development Fund on a climate risk initiative to benefit Pacific island nations.
The programme, named “Leaving No One Behind in the Digital Era – Pacific Insurance and Climate Adaptation”, was launched on December 02 in Suva, the capital of Fiji.
“New Zealand, through the Ministry of Foreign Affairs and Trade, is pleased to support this initiative, as it fully aligns with New Zealand’s climate action agenda as well as its focus on disaster risk reduction in the Pacific to address vulnerabilities of low-income populations,” said New Zealand High Commissioner to Fiji, Jonathan Curr, who led the programme’s launch.
The initiative will bring market-based climate risk insurance solutions to Pacific islanders, initially in Fiji and Vanuatu, before being rolled out to other nations in the region. Parametric and weather index-based insurance policies will become available to the agriculture, fisheries, retail, and tourism industries. There will also be a special focus on women, youth, migrants and micro, small, and medium enterprise (MSME) segments.
The programme covers 23 activities across seven sectors. These include public sector strengthening, innovative finance, water security, and ecosystems, due to the wide-reaching effects of climate change.
