This paper focuses on the effects of climate change and natural hazards as they cause economic losses that threaten development and long-term growth. Resilience is the capacity to prepare for disruption, recover from shocks, and grow from a disruptive experience. Development agencies have committed to do more to boost the resilience of countries around the world. With the increase in attention to and investments in disaster risk management and climate change adaptation, it becomes more important to track performance, progress, and development outcomes for resilience.
To better monitor adaptation and resilience-related action, the World Bank's Action Plan on Climate Change and Resilience committed to create a Resilience Rating System (RRS) to complement existing methodologies on tracking climate-related finance3 and increase ambition for climate-aligned development. The main objectives of the RRS are to:
Better inform decision makers, client countries, and other stakeholders;
Create incentives for more and better climate adaptation;
Identify best practice;