India has called for the creation of a global facility to support Disaster Risk Reduction (DRR) financing with catalytic funding, technical assistance, and knowledge exchange.
Speaking at the Ministerial Roundtable on DRR Financing in Geneva, Principal Secretary to the Prime Minister Dr. P.K. Mishra underscored India’s belief that a strong and responsive DRR financing architecture is central to resilience.
Dr. Mishra highlighted India’s substantial financial commitment to DRR, citing the evolution of disaster financing from an initial allocation of INR 60 million to a robust INR 2.32 trillion under the 15th Finance Commission. He emphasised four core principles guiding India’s DRR financing approach: dedicated financial windows for preparedness and recovery, prioritisation of vulnerable communities, accessibility of funds across government levels, and strict accountability measures.
India urged international cooperation to complement nationally owned DRR frameworks, advocating for tailored financial instruments like risk pooling and insurance mechanisms. Dr. Mishra stressed that global benchmarks are essential but must align with local fiscal sustainability.
In a crucial proposal, he called for establishing an international DRR financing mechanism backed by the UN system and multilateral financial institutions, aiming to move beyond statements of intent toward actionable, time-bound outcomes. India’s commitment to global leadership in DRR financing was reaffirmed, seeking enhanced collaboration with other nations to create an effective framework for disaster resilience.
