Credit: UN Climate Change

Publication date: November 2017

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Abstract

This document summarizes the key outcomes of the side event titled “Breaking New Ground: Risk Financing for Slow Onset Events,” organized by the WIM ExCom at COP 23 in November 2017 in Bonn, Germany. The discussions at the side event led to valuable insights on features of financial instruments and tools as well as innovative ways for collaboration and partnerships aimed at enhancing action and support for addressing the risks of slow onset events (SOEs).

The document includes information presented by the panelists on transformative strategies such as multi-layered financial instruments, regional insurance systems, and resilience-building initiatives, underscoring the importance of equitable and inclusive approaches that prioritize vulnerable communities. Additionally. The document highlights the limitations of current financial instruments, which are predominantly designed for rapid-onset disasters, and stresses the need for innovative solutions tailored to the unique and long-term nature of SOEs. Key recommendations presented during the event include fostering global partnerships, strengthening institutional mechanisms like the WIM, increasing financial resources to address SOEs, and integrating technical, financial, and social dimensions into comprehensive risk management frameworks.

The document also includes responses to the question, ‘‘What are you doing to address the risks of slow onset events?’ These responses were collected during a photo campaign leading up to the side event to raise awareness of slow onset events.