The Philippine Insurers and Reinsurers Association (PIRA) has partnered with the Earth Security Group (ESG) in a pioneering effort to develop so-called ecosystem-based adaptation in the country.
A report launched recently by the (ESG) documented a series of platforms it has developed over the past two years in collaboration with local action partners, to enable the private sector to play a greater role in scaling ecosystem-based adaptation (EbA). ESG’s new report entitled "Private Sector Collaboration for Climate Resilience: Catalysing Partnerships for Ecosystem-based Adaptation in the Philippines" highlights three platforms developed as part of Earth Security Group’s Action Lab programme.
In the insurance platform, the ESG has begun working with PIRA to embed EbA in the Philippines’ insurance sector. An Insurance Task Force for EbA’ bringing together leading insurance and reinsurance companies and government decision-makers in the Philippines will develop new pathways to integrate the protection value of natural ecosystems into the definition of risk models and new product portfolios based on EbA. PIRA Executive Director Michael F. Rellosa said "Integrating ecosystem-based adaption in the insurance industry is a way to enhance the sector’s positive impact while expanding the portfolio of products in the market."
"The Earth Security Group’s project has been instrumental in creating this awareness, which in our sector is very low, and bring together players that can contribute to innovative solutions," he said.
The second platform features the ESG working with the Philippines Business for Environment (PBE) is identifying the collaboration mechanisms that can enable companies, investment funds, civil society and government agencies to work together to align their resources on opportunities to scale results-based Payment for Ecosystem Services (PES) schemes in line with the government’s natural conservation management priorities.
The third platform, meanwhile, involves the Asian Institute of Management (AIM) establishing a Climate Resilience Lab to incubate EbA projects generated by MBA students and implemented with local governments.
In addition, the AIM-ESG partnership actively works together with 10 to 15 local government executives in municipalities that are most exposed to the risks of climate change, with a bespoke executive programme that forges private-public partnerships for EbA with participating companies to build the resilience of cities and local populations through infrastructure and value chain investments that support ecosystem regeneration.
Over the next two years, Earth Security Group and its action partners will continue developing these partnership programmes. The project is funded by the International Climate Initiative (IKI) of the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety.
The Earth Security Group's press release on this can be accessed through this link.