India calls for global facility for disaster risk reduction

New Delhi: India has called for the creation of a new global facility, backed by the United Nations and multilateral financial institutions, to provide catalytic funding, technical assistance, and a platform for knowledge exchange to boost disaster risk reduction (DRR) efforts across the world.

Addressing an UN ministerial roundtable on DRR financing in Geneva, PK Mishra, principal secretary to the prime minister, underscored the absence of a dedicated international financial mechanism to support establishment and strengthening of DRR financing systems.

DRR financing is crucial for vulnerable nations to prepare for and mitigate the impacts of escalating climate-related disasters.

Mishra reaffirmed India's commitment to leadership and collaboration in developing a DRR financing framework that is nationally driven by each country, yet internationally supported.

Underlining the need for diverse financial instruments beyond public finance, he said mechanisms such as risk pooling, insurance, and innovative financial tools should be developed in alignment with local affordability and fiscal sustainability.