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Integrating disaster risk, resilience into broader systems key to unlocking climate adaptation abilities
By Angela Stelmakowic
A systemic disconnect between material natural disaster risk, asset valuation and infrastructure investment demands that disaster risk and resilience be integrated into broader financial, accounting and reporting systems, David Greenall, senior director of sustainable business solutions for PwC Canada, told Canadian Underwriter Friday, the International Day for Disaster Reduction.
“The inadequate pricing of disaster risk and of broader externalities in economic activity means that climate and seismic-related disaster risk is discounted excessively in order to maximize short-term gains,” notes Greenall, national focal point for ARISE Canada.
PwC Canada is a lead participant with ARISE, Private Sector Alliance for Disaster Resilience, launched in 2015 by the United Nations Office for Disaster Risk Reduction. Chaired by PwC, ARISE Canada’s members include Insurance Bureau of Canada, CH2M, AECOM, BOMA, Metrolinx, IBM Canada and the Disaster Recovery Institute (Canada).
Inadequate risk pricing “results in hydro-meteorological and seismic risks being inadequately considered in the pre-investment and investment stages of projects – for example, continued building in floodplains or along vulnerable coastlines – as capital owners are not incentivized to avoid excess natural disaster risk,” Greenall points out.
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