Document / Publication
United Nations - Headquarters (UN)
This initiative seeks to stimulate and reward climate resilient investments and recognize the sound business models, strategies and plans that generate societal and commercial co-benefits. It intends to develop, test and apply incentives in the financial system. It also seeks to strengthen the support to the science and data required for analyses of risk that underpins these changes to the financial system.
It is part of the 'Integrating risks into the financial system' initiative under the resilience, adaptation and disaster risk reduction action area, which aims to build a consortium of major financial institutions, regulatory, accounting and scientific institutions to help recognize the costs of disaster risk and the absence of resilience plans. It calls for members of this consortium to test the portion of their investments and assets that are at risk when a climate-related disaster with a 1-in-100-year magnitude occurs, to account for the risk in their investment portfolios and to integrate incentives into resilience-building programs.
It was unveiled at the UN Climate Summit 2014 in order to provide the opportunity for clear, sustained commitment to support the implementation of the Hyogo Framework for Action on Disaster Risk Reduction, the achievement of the Sustainable Development Goals and the climate change convention – to make 2015 a turning point.
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