Global Risk and Resilience Fellowship aims to de-risk investment using insurance
The Sustainable Markets Initiative (SMI), a collaborative effort focused on promoting sustainability in global markets, along with Howden, an international insurance group, and Resilient Cities Network (R-Cities), the city-led network on urban resilience, has launched the second cohort of the Global Risk and Resilience Fellowship in five cities worldwide.
This year’s focus is on leveraging insurance to de-risk investment and reduce the cost of capital for adaptive infrastructure, alongside exploring innovative parametric insurance solutions for managing severe climate shocks in cities.
Lauren Sorkin, Executive Director, Resilient Cities Network, commented, “Effective communication between cities and the private sector is paramount. Without a shared vision and language regarding critical urban risks, scaling solutions in our polycrisis world becomes daunting.”
“This year, we will be tackling challenges in the five new cities, prioritising communication and collaboration as fundamental pillars of urban resilience.”
The Fellowship aims to foster public-private collaboration by bringing together city leaders and private sector stakeholders from various industries through the Sustainable Markets Initiative.
Their goal is to address specific urban resilience challenges and develop locally implementable solutions to build safe, equitable, and sustainable futures for cities.
In 2022, the first cohort implemented Fellowship projects in Surat, Melaka, The Hague, Glasgow, and Greater Miami and Beaches. These projects demonstrated that building relationships and collaboration between private and public sector professionals leads to shared understanding and practical actions for enhancing city resilience.
David Howden, Chief Executive Officer, Howden, and member of the Sustainable Markets Initiative Insurance Task Force, added, “We know some of the biggest climate-related challenges out there are being faced in our great cities. But, by bringing together some of the most talented people in our industry alongside city leaders, insurance experts, climate finance professionals and engineers, this Fellowship has formed the perfect template to build urban climate resilience.
“And following the success of last year’s group, I can’t wait to see what a difference our latest cohort is going to make right across the world. I wish them all the best of luck,” Howden continued.
The private sector, particularly the insurance market, recognises the growing risks of the climate crisis. With the global urban population expected to double by 2050, cities and their residents are at the forefront of this crisis.
Through targeted problem-solving and collective action, the Fellowship leverages the power of insurance and the private sector to create a more resilient future and co-create and finance solutions to complex climate vulnerabilities faced by cities.
Lloyd’s CEO, John Neal, and Chair of the Sustainable Markets Initiative Insurance Task Force, noted, “The first cohort of the Global Risk and Resilience Fellowship was an excellent example of public-private sector collaboration. I’m pleased to see the fellowship return for its second cohort, focusing on derisking investment and helping our cities best prepare for impacts from climate shocks.”
“Initiatives like these demonstrate the real value that comes from shared learning and joint action, encompassing the ambition of the Sustainable Markets Initiatives Insurance Task Force.”
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