Risk Transfer Mechanisms: Partnerships for Coral Reef Finance and Insurance in Asia and the Pacific
Healthy coastal ecosystems provide natural protective services and a first line of defense for coastal cities, communities, and infrastructure, as well as other valuable ecosystem services. For example, well maintained coral reefs provide critical ecosystem services, such as nurseries and feeding grounds for fisheries; coastal protection; and food supply and livelihood security for many coastal communities.
However, the health of these ecosystems is rapidly declining. Preventing and reversing this decline requires a number of interventions, including (i) building the case for effective coral reef protection, restoration, and sustainable management; (ii) implementing strong policies and governance approaches to underpin their protection, restoration, and sustainable management; and (iii) deploying sustainable financing and risk management systems to address climate change related hazards.
The multistakeholder project “Risk Transfer Mechanisms: Partnerships for Coral Reef Finance and Insurance in Asia and the Pacific” under ADB’s technical assistance Building Coastal Resilience through Nature-Based and Integrated Resilience Solutions - Risk Financing and Insurance Solutions in Ecosystems (Output 4) aims to identify, recommend, and demonstrate the applicability of sustainable financing and risk management models and approaches to unlock capital and investments for coral reef ecosystems that are applicable also to other nature-based solutions. It targets high-opportunity sites in four countries, namely Fiji, Indonesia, the Philippines, and Solomon Islands, to increase the climate resilience of coastal areas, businesses, communities, and livelihoods. The project is funded by Asia-Pacific Climate Finance Fund (ACliFF) and the Global Environment Facility (GEF). It also benefits from a number of aligned initiatives of ADB, including the Private Sector Development Initiative (PSDI) for Fiji and Solomon Islands; the proposed Sustainable Tourism Development Project in the Philippines; and a number of other grants, TAs, and loans in the project countries.
The following workshops/meetings have been organized in relation to this project:
- 14 November 2023: Project inception meeting brings together key government partners, the Landell Mills consultant consortium team, and ADB's project team including relevant resident missions to kick-start the project and to outline the intended approach and expected deliverables at the regional, national and local levels
- 28 February 2024: Prioritization workshop for Indonesia outlines the intended approach for assessing risk transfer/reef insurance opportunities within key sites in Indonesia; and facilitates agreement on two high opportunity sites for Indonesia to take forward into full assessment.
Date | Session / Activity | Presentation Material | Speaker(s) |
---|---|---|---|
14 Nov 2023 | Welcome | Welcome Remarks [Document] [Multimedia] The welcome remarks provide an overview of the project and agenda of the meeting. | Junkyu Lee |
14 Nov 2023 | Outline of the agenda, introduction of participants, and meeting moderation |
List of participants List of participants representing the relevant government agencies, Landell Mills consultant consortium team, and ADB project team. |
Thomas Kessler, Arun Abraham |
14 Nov 2023 | Outline of the agenda, introduction of participants, and meeting moderation |
Inception Meeting Agenda Meeting agenda |
Thomas Kessler, Arun Abraham |
14 Nov 2023 | Presentations | Scene Setting: “Sustainable Finance for Asia and the Pacific: Protecting and Restoring Coral Reefs” [Slides] [Multimedia] [Document] The session summarizes the key findings and recommendations of the Knowledge Product "Sustainable Finance for Asia and the Pacific: Protecting and Restoring... | Martha Rogers, Fernando Secaira |
14 Nov 2023 | Presentations | Project Overview: “Risk Financing and Insurance Solutions for Coastal Resilience in Asia-Pacific" [Slides] [Multimedia] The sessions cover the following: overview of the project, outline of modelling approach, and outline of prioritization exercise and data needs. | Louise Heaps, Lorena Ramirez, Cherie Gray, Piyush Sharma, James Spurgeon |
14 Nov 2023 | Presentations | Project Overview | Louise Heaps and Lorena Ramirez |
14 Nov 2023 | Presentations | Outline of modelling approach | Cherie Gray and Piyush Sharma |
14 Nov 2023 | Presentations | Outline of prioritization exercise and data needs | James Spurgeon |
14 Nov 2023 | Wrap Up |
Meeting Summary The note summarizes the meeting discussion, including Q&A and next steps. |
Thomas Kessler |
Date | Session / Activity | Presentation Material | Speaker(s) |
---|---|---|---|
28 Feb 2024 | Workshop Opening | Ibu Helena Lawira, Senior Project Officer, Asian Development Bank Indonesia | |
28 Feb 2024 | Overview of the ADB’s coastal risk and resilience priorities and project context and purpose |
Indonesia Prioritization Workshop Agenda Meeting objectives, agenda, and list of participants |
Thomas Kessler |
28 Feb 2024 | Presentations |
Coral reef risk and resilience in Indonesia Current situation with regards to coral reef risk and resilience in Indonesia and the project expectations |
Firdaus Agung |
28 Feb 2024 | Presentations |
Overview of project, Prioritization assessment approach and results Overview of project objectives, expected outcomes andtimelines;initial assessment based on a series of prioritization criteria of the seven candidate ... |
Louise Heaps, Lorena Ramirez, James Spurgeon, Cherie Gray, Piyush Sharma |
28 Feb 2024 | Moderated discussion on assessment approach, indicators and weightings |
Workshop recording Recording of presentations and moderated discussion to identify two sites in Indonesia that will be taken forward for further analysis. |
Budiati Prasetiamartat |
28 Feb 2024 | Closing Remarks | Firdaus Agung | |
28 Feb 2024 | Summary of Proceedings |
Summary of Proceedings Summary of Prioritzation Workshop Proceedings |
Lorena Ramirez |