DOCUMENT TAGS Risk Financing
5. PREPAREDNESS RESOURCES
11 November 2019
A new series of technical discussion papers by the Start Network, the Red Cross Red Crescent Climate Centre and the International Federation of Red Cross and Red Crescent Societies explores how evolving disaster risk financing (DRF) approaches could be a game changer in acting earlier, quicker and more effectively to predictable humanitarian crises.
The papers are attempting to redefine how DRF meets humanitarian objectives. Building on the practical experience of the Start Network and IFRC the papers call for a move from the traditional DRF sovereign approach to a more human-impact driven approach to risk financing, identifying the financial and operational needs from the ground up; an ‘impact before instruments approach.’
Each paper explores the need for such a renewed approach whilst identifying some of the technical challenges and posing solutions to make disaster risk financing work most effectively in the humanitarian context. The aim is to ignite dialogue and build collaboration around key technical challenges whilst highlighting some key solutions to unlock the potential of DRF for humanitarian action.
A lack of funding available for preparedness is compounded by the lack of resources for long-term risk reduction and safe society work, which will continue to drive up the costs of crisis and the budgets that need to be pre-positioned to support people within a crisis timeline. To create the environment for humanitarian disaster risk financing to be effective, essential investment is required in disaster preparedness. Resources and capacity to implement contingency plans need to be available and ready to deliver at the point of trigger for pre-emptive humanitarian financing. Essentially a DRF system with strong institutional preparedness is integral to humanitarian disaster risk financing.