Latest news with #MinisterialRoundtableonDisasterRiskReduction
Mint
2 days ago
- Business
- Mint
India calls for dedicated global funding mechanism for tackling disaster risks
New Delhi: India has called for a dedicated international mechanism to support the establishment and strengthening of financing systems to help nations mitigate disaster risks. Speaking at the Ministerial Roundtable on Disaster Risk Reduction (DRR) Financing at Geneva on 4 June, P.K. Mishra, principal secretary to prime minister Narendra Modi, called for the creation of a global facility, backed by the UN system and multilateral financial institutions, to provide catalytic funding, technical assistance, and a platform for knowledge exchange, according to a statement issued by the Prime Minister's Office on Friday. The roundtable was convened by the United Nations Office for Disaster Risk Reduction (UNDRR) He echoed India's longstanding complaint of the absence of global financing for addressing climate risks. On 29 May, in an address to students of Delhi University, finanace minister Nirmala Sitharaman said that even as countries like India have committed to a greener future, they are having to find their own resources in the absence of global funding, as reported by Mint. She had added that India is continuously working with multilateral institutions to make sure they have enough leverage with their funds to finance the common cause of climate action. Speaking on India's approach to disaster risk reduction, Mishra said that the country's financing system was built on four key principles. This includes dedicated financial windows for preparedness, mitigation, relief, and recovery. Second, prioritization of the needs of affected people and vulnerable communities. The third is accessibility of financial resources across all government levels—central, state, and local. Fourth, accountability, transparency, and measurable outcomes guiding all expenditures. Emphasizing on the importance of predetermined, rules-based allocations flowing from national to state and district levels, Mishra added that the Disaster Management Act of 2005 ensured that disaster financing in the country is structured and predictable rather than reactive. Mishra stressed that disaster risk financing must be nationally owned and driven, complemented by international cooperation. The G20 presidency drove efforts to reduce disaster risks by setting up the Disaster Risk Reduction (DRR) Working Group in the 18th meeting of the G20, hosted by India on 9 and 10 September, 2023. In the G20 New Delhi Leaders' Declaration, the G20 leaders reaffirmed their commitment to the UN's Sendai Framework for Disaster Risk Reduction (SFDRR), which aims to reduce disaster risks and losses globally. To achieve this, they agreed to support building up capabilities of all countries, especially lesser developed countries to strengthen climate resilience of infrastructure systems.
Business Standard
2 days ago
- Business
- Business Standard
Disaster Risk Reduction Financing central to effective functioning of national disaster management systems for India
Principal Secretary to the Prime Minister, P. K. Mishra, recently addressed the Ministerial Roundtable on Disaster Risk Reduction (DRR) Financing at Geneva on 04th June 2025. He commended the UNDRR and its partners for convening this critical discussion. India also recognized the contributions of Brazil and South Africa in continuing the global dialogue through their G20 presidencies. Mishra underscored that DRR financing is not a peripheral issue but central to the effective functioning of national disaster management systems and the safeguarding of development gains in the face of rising climate and disaster risks. He reaffirmed Indias belief that a strong and responsive DRR financing architecture is a cornerstone of resilience. Highlighting Indias journey in DRR financing, he noted that initial allocations by early Finance Commissions amounted to INR 60 million (approximately USD 0.7 million). The cumulative outlay under the 15th Finance Commission exceeds INR 2.32 trillion (approximately USD 28 billion).
