Pacific nations are urged to evolve beyond merely “reactive” disaster finance by establishing systems that allow for a timely and predictable response to escalating climate and disaster risks. Emma Allen, Deputy Regional Director of the Pacific Subregional Office at the Asian Development Bank (ADB), conveyed this message to participants at the Regional Disaster Risk Financing Workshop in Suva.
Allen pointed out that developing member countries in the Pacific endure some of the highest disaster risks globally, compounded by limited fiscal capacity and inadequate capacity to absorb shocks in smaller states. She underscored that when disasters occur, unmanaged risks swiftly escalate into challenges for both development and fiscal stability, straining budgets, delaying recovery, and hindering investments.
She advocated for a shift in perspective, stating that disaster risk financing should be regarded as an essential part of integrated disaster risk management rather than a separate financial task. Current trends show that most disaster response financing in the Pacific remains poorly implemented, dependent on external support and often mobilized only post-event, resulting in “uncertainty and fragmentation” during critical moments.
To combat this, Allen called for a transformative approach that includes prearranged financing and strategic risk layering, along with stronger connections between financial institutions and disaster risk management efforts, such as early warning systems and response programs.
Despite various challenges such as capacity issues, data inadequacies, vulnerability, and dependency on aid, she highlighted promising developments, notably the Pacific disaster risk financing roadmap and guidelines that enhance coordination and drive transformative change.
Allen emphasized the importance of strong partnerships as the group moves forward, urging participants to commit to translating the insights gained into actionable steps for effective change. The three-day workshop will engage delegates in discussions around practical issues such as quantifying risks and ensuring that funding effectively reaches those in need.
In closing, Allen reiterated ADB’s commitment to incorporate disaster risk financing into national strategies, policy lending, and technical support, describing it as a critical component of a comprehensive disaster risk management ethos. She thanked the government of Japan for its assistance and encouraged delegates to take ownership of the discussions and work collectively towards creating a more resilient Pacific, emphasizing that the future relies on the solutions developed during the workshop.
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