[ad_1]
In the year In light of the devastating loss of life and significant economic impact of the 2023 earthquakes in Turkey and Syria, all governments have called on the G20, under India’s presidency, to adopt better risk reduction, mitigation and response policies and implementation. Direct the most important resources to improve disaster resilience. These challenges are increasing and must meet a multi-faceted approach to avoid the loss of life in communities around the world.
As disasters of all kinds wreak their havoc domestically, the interconnectedness of systems and economies is evident globally. Coordinated investment in recovery is important for G20 members, and India recognizes this critical need early on by establishing a Disaster Risk Reduction Working Group scheduled to meet on April 30.
Global Business Alliance G20 welcomes India’s plan to host a forum for academics and practitioners engaged in disaster risk reduction in G20 countries. Business knowledge is essential for this versatile job. As risks and hazards increase the rate of disasters, the business community must partner with government in mitigating the impacts of disasters by leveraging the adaptive capacity of supportive communities and systems to address these growing challenges. The costs are not sustainable.
The total annual average loss estimated by the G20 is $218 billion, or 9% of average annual infrastructure investment. An earlier assessment by the World Bank put the direct cost of the earthquake in Turkey at $34.2 billion (equivalent to 4 percent of Turkey’s 2021 GDP). The business community calls on the G20 to focus on the coverage of international early warning systems, identify specific damage and loss reduction targets for key infrastructure in economic sectors, and identify competent authorities for rapid response.
In addition to the tragic human toll, disasters can cause long-term economic crises and systemic financial risks, so resilience can shape economic security. Earthquakes such as those in Turkey and Syria have the potential to trigger a domino effect across sectors that shake society, including infrastructure, housing, health care systems, agriculture, supply chains, education, livelihoods and food security. Disasters can increase fragility, fracture economies and societies, increase inequalities and existing vulnerabilities, and hinder innovation such as the transition to a green economic development paradigm.
The earthquake makes the choice clear and the consequences dire – disaster preparedness, adaptive capacity and sectoral actions are critical to building resilience across all sectors, humanitarian, economic and geo-political. It aims to demonstrate the effectiveness of investing in resilience to save lives and support economies by providing the best possible conditions for developing and underdeveloped countries to be vulnerable to disasters. In this regard, the OECD Policy Good Practices for Quality Infrastructure Investment as well as the G20 Principles for Quality Infrastructure Investment underline key points for resilient infrastructure.
The benefits of investing in disaster risk reduction and the urgent need to increase its financing were highlighted on the agenda of the United Nations Office for Disaster Risk Reduction (UNDRR) at the G20 in Italy. In its paper, UNDRRR advocates accelerating disaster risk reduction efforts to achieve inclusive sustainable development. Global annual investments of just $6 billion in appropriate disaster risk management strategies could generate $360 billion in benefits, or more than 20 percent of new and additional expected annual losses, the paper underscored. Additionally, according to a World Bank report published in 2019, the net benefits of investing in infrastructure in low- and middle-income countries (LMICs) could be $4.2 trillion over the life of the new infrastructure. G20 accepted Principles of quality infrastructure investment It recognizes the importance of disaster risk management plans to ensure long-term adaptation and build infrastructure resilience, but focuses only on man-made hazards.
We will continue to practice A complex series of resource-intensive events involving multiple risks, globally complex supply chains, and market dynamics that require resilience in interdependent sectors and help the economically marginalized become more resilient. We cannot wait for the next humanitarian response to an earthquake or any other disaster to take the necessary steps.
Now is the time to prepare globally for future disasters.. We call on G20 leaders to develop multi-sectoral solutions, invest in disaster-resilient systems and build disaster-resilient resilience in people, infrastructure and economies.
Involve multi-sector stakeholders in building both rapid response and resilient solutions – especially business:
-
Revise urban plans with a holistic approach, strengthen the resilience of communities, livelihoods, economic activity, buildings and infrastructure, including cultural heritage, and prevent social and economic problems.
-
Work with industry to identify investment priorities and reduce barriers to trade or investment.
-
Strengthen international efforts on digital technologies that contribute to early warning and response processes of natural disasters.
Invest in recovery now to avoid loss of life and economic disruption in future disasters:
-
Integrating disaster risk reduction and resilience into public and private sector economic and development strategies.
-
Prioritize risk-resilient infrastructure investments with a risk-first approach that creates a sustainable future for their citizens.
-
Ensure open, transparent and competitive procurement processes to ensure infrastructure projects are cost-effective, safe and effective.
-
Encouraging local authorities through regulatory and financial means to work and coordinate with civil society and communities in disaster risk management at the local level.
Building resilience before crisis and disaster through disaster awareness and recovery activities:
-
Identify critical infrastructure assets and systems and define acceptable or unacceptable levels of risk.
-
Enforce the implementation of an effective and comprehensive framework for recovery (before disaster strikes).
-
Strengthen the digitalization process to ensure business continuity and economic recovery in the post-disaster period.
-
Integrating the principles of sustainable development in the reconstruction of disaster-affected regions.
-
Promote and support technological innovation to reduce the impact of disasters on critical infrastructure and buildings.
About the authors
International business alliance
[ad_2]
Source link
