2016 Forum of the Standing Committee on Finance 5 to 6 September 2016 Philippines Urgent steps need to be taken to manage risks of loss and damage associated with climate change. Upon the invitation of the Executive Committee of the Warsaw International Mechanism for Loss and Damage, the Standing Committee on Finance (SCF) convened its fourth forum that mainly tacked the financial instruments that address the risks of loss and damage associated with the adverse effects of climate change. The forum focused on risk transfer schemes, social protection schemes, catastrophe and resilience bonds, and contingency finance and discussed respective opportunities, challenges, limitations and gaps. It also explored ways for scaling up, replicating good practices and finding new financing options. The forum was co-organized with the United Nations Framework Convention on Climate Change (UNFCCC) and the Climate Change Commission of the Government of the Philippines. Program and Learning Materials 05 September 2016 06 September 2016 Session / Activity Title Speaker(s) Opening Plenary Welcoming Participants Seyni Nafo Opening Plenary Keynote Statement Patricia Espinosa Opening Plenary Keynote Statement Emmanuel de Guzman Opening Plenary Keynote Statement ADB's Vice-President for Knowledge Management and Sustainable Development, Bambang Susantono, delivers his keynote speech. He talks about the… Bambang Susantono Session 1 - Setting the Scene Social Facets of Climate Risks What are the social aspects of the risks of loss and damage, including for particularly vulnerable countries, populations and the ecosystems they… Mark New Session 1 - Setting the Scene Overview of the Range of Approaches to Address the Risks of Loss and Damage Learn about the range of approaches currently available to address the risks of loss and damage. Swenja Surminski Session 2 - Taking Stock Current Spectrum and Structure of Financial Instruments to Address the Risks of Loss and Damage What are the financial instruments used to address the risks of loss and damage? And how are these structured? Get to know the existing financial… Shereen D’Souza Challenges and Opportunities in Applying Financial Instruments to Loss and Damage Risk financing mechanisms at local, national, regional, and global scales contribute to increasing resilience to climate extremes and climate… Reinhard Mechler Session 3 - Parallel Plenaries The Odds and Beauties of Risk Transfer Schemes Risk transfer schemes including insurance products and tools that help the vulnerable to have direct or indirect insurance coverage against the… Simone Ruiz-Vergote Session 3 - Parallel Plenaries Social Protection in the Area of Disaster Risk Reduction in Asia Pacific: IFRC Experience and Learnings Climate‐related disasters are expected to increasingly affect vulnerable people, adding to the already unmanageable workload of humanitarian teams… Donna Lagdameo Session 3 - Parallel Plenaries Disaster Risk Finance Insurance incl. Cat and Resilience Bonds No country can fully insulate itself against extreme natural disasters, despite prevention and mitigation efforts. A balanced mix of financing,… Thomas Kessler Session 3 - Parallel Plenaries Country Experience on Contingency Finance: Nicaragua Nicaragua is the first nation in Central America to get covered by a disaster risk insurance. Was this move helpful in reducing its vulnerability? Paul Oquist Kelley Session 3 - Parallel Plenaries Risk Transfer Schemes: The Example of CCRIF SPC The economic costs of disasters are rising. Governments can certainly reduce further loss through some risk transfer mechanisms. Isaac Anthony Session 3 - Parallel Plenaries Comprehensive Climate Risk Management: Can Social Protection be a Leverage? Can social protection provide enough cushion against the risks of climate change? This presentation examines initiatives on climate insurance, and… Rupalee Ruchismita Session 3 - Parallel Plenaries Contingency Finance African Risk Capacity (ARC) is a specialised agency of the African Union that provides index-based drought insurance. It is working to offer cyclone… Tuga Alaskary Session 3 - Parallel Plenaries Accelerated Action on Adaptation and Implementing Approaches to Address Loss and Damage in Africa Africa is already experiencing significant consequences of climate change. Under all mitigation and adaptation scenarios, Africa will experience… Kulthoum Omari-Motsumi Session 4 - Break-out Group Discussions Session 5 - Outcomes of the Break-out Groups Risk Transfer Schemes Including Insurance Products and Tools Risk transfer schemes can be utilized most efficiently when used as part of comprehensive, needs-based risk management solutions. Forum participants… Session 5 - Outcomes of the Break-out Groups Social Protection Schemes How can social protection schemes help increase adaptive capacity, prevent and reduce risks, and enhance livelihoods? Forum participants provide… Session 5 - Outcomes of the Break-out Groups Catastrophe and Resilience Bonds Can catastrophe and resilience bonds really help in reducing risks of climate loss and damage? Forum participants answer this main question by… Session 5 - Outcomes of the Break-out Groups Contingency Finance Forum participants discussed lessons learned from case studies, including those from Senegal, Nicaragua, and the Philippines on the use of fiscal… Session / Activity Title Speaker(s) Session 6 - Wrap Up of Day 1 Session 7 - Parallel Plenaries Making Risk Finance an Integral Synergizing Element of Comprehensive Risk Management: Philippines’ Experience Enhancing the comprehensive risk management (CRM) is key to addressing loss and damage associated with climate change impacts. As a part of CRM,… Takeshi Kuwabara Session 7 - Parallel Plenaries What Makes Social Protection Systems Adaptive? Poor households are more likely to be affected by disasters, and have been found to lose relatively more than non-poor people. Adaptive social… Pablo Acosta Session 7 - Parallel Plenaries New Financing Approaches, Instruments and Opportunities that Address the Risks of Loss and Damage The United Nations Environment Programme (UNEP) and the insurance industry has been working with institutional investors in promoting risk modelling… Butch Bacani Session 7 - Parallel Plenaries Notes on Philippine Funding Options in the Loss and Damage Age The Philippine Government has established the people’s survival fund through Republic Act 10174. The fund is intended to provide long-term finance… Red Constantino Session 7 - Parallel Plenaries European Union's Experiences in Policy, Funding and Financing Instruments Addressing Loss and Damage The European adaptation strategy deals with adaptation and resilience. Financial instruments are part of the whole package, while research and… Max Linsen Session 8 - Break-out Group Discussions Session 9 - Outcomes of the Break-out Groups What are the Limitations of the Existing Financial Instruments to Address the Risks of Loss and Damage and What Could Be Other Options/Solutions Considering the Best Practices Around? Forum participants enumerated the limitations of existing financial instruments, which include, among others, a lack of accessible and adequate data… Session 9 - Outcomes of the Break-out Groups What is the Role and Importance of Enabling Environments (e.g. Policies/Strategies, Institutions, Capacity) to Effectively Apply Financial Instruments to Address the Risks of Loss and Damage? Forum participants identified the major stakeholders of financial instruments that address loss and damage. They also discussed strategies and… Session 10 - Roles and functions of different actors and ways of strengthening linkages and collaboration Strengthening Financial Resilience: the Role of ADB Government financing for disaster reduction is limited because other urgent demands compete for budget allocation. Penetration of market-based risk… Charlotte Benson Session 10 - Roles and functions of different actors and ways of strengthening linkages and collaboration Experiences of the G7 Climate Risk Insurance Initiative: InsuResilience The G7 Climate Risk Insurance Inititative—InsuResilience—aims to increase by up to 400 million the number of poor and vulnerable people who have… Gottfried von Gemmingen Plenary Discussion Gottfried von Gemmingen Closure of the Forum Gottfried von Gemmingen Disclaimer The views expressed on this website are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Event Coordinator/s Rexel Abrigo ADB Organizer/s Climate Change, Resilience, and Environment Cluster Read Also 2016 Forum of the Standing Committee on Finance Understanding the Risks of Loss and Damage from Climate Change Partner Organization/s Philippine Climate Change Commission, UNFCCC Topics Climate Change Disaster Risk Management