Page - 164 - in Loss and Damage from Climate Change - Concepts, Methods and Policy Options

164 E.Calliari et al. tribution’meansremains lacking.Gambiaalsoreferenced theneed toprovide the privatesector inLDCswith toolsandinformationtohelp themrespondtotherisk ofL&D.Thesubmissionspecificallymentions ‘climateservices forusers inboth thepublicandprivatesectorinLDCsandothervulnerablecountries,(…including the) strengtheningofmeteorological services indevelopingcountries to facilitate free sharingofdataand information’ (Gambia2011). TheWorldHealthOrganization,InternationalLabourOrganization,andUNISDR haveallmadesimilarcalls.However,while thesesubmissionspoint toacleardeficit in integrating theprivatesector, theydonotprovidemuchdetailon theexpectations thatcomewithit.TheUShasbeenmorespecificinexplainingtheaimofthisprivate sector engagement: ‘increase collaborationwith the private sector (…) to achieve effective and comprehensive riskmanagement. (…)We should also prioritise the development of strategies that leverage private sector resources and createmarket- basedmechanisms that are not overly reliant onpublic sector budgets, and that are sustainable in the long term’ (USA2011). ExCom’s2016reportmakesseveral references to theprivatesector. Inparticular theExCom(SBSTAandSBI2016): • has recommended to theCOP that the private sector be invited to cooperate and collaborateon issues relating toL&Dwhere relevant. • has initiated engagementwith the private sector to identify how to enhance the implementationofcomprehensive riskmanagementapproaches relating toL&D. • has reachedout toprivate investors toencourage themto incorporateclimate risk and resilience intodevelopmentprojects. TheonlysectorthathasbeenengagedintheL&DdiscussionsundertheUNFCCC istheinsuranceindustry.Infact,thedominantfocusoninsurance-relatedinstruments within theWIMis likely to have been influencedby the presence and engagement of these insurancecompanies. Aparticularlyprominent rolehasbeenplayedbyMCII.MCIIwas initiatedas a charitableorganisationby representativesof insurers, research institutes andNGOs in 2005 in response to the rising interest in insurance-related solutions for climate adaptation. It brings together a broad range of insurers, policy researchers, NGOs andotherclimatechangeexpertsinasingleforum.TheUNFCCCisrecognisedasan ‘observer’and‘friend’ofMCII.Between2008and2011,MCII’ssubmissionstothe UNFCCCfocused on the role of insurance forweather-related risks in the context of adaptation (MCII 2012). Notably, some elements of a 2008MCII proposal for a climate riskmanagementmodule, comprisingprevention and insurancepillars to facilitateadaptation(MCII2008),wereeventuallyincludedintheCancunAdaptation Frameworkand theSBIWorkProgramonL&D. Other parts of the insurance industry are also showing an emerging interest in L&D.ThishasbeenhighlightedbythePhilippines,whichhostedaUNFCCCStand- ingCommitteeonFinanceforuminearlySeptember2016.Theforumwasdesigned to support thework of theWIMandExCom. The programme for the forumwas designedby theUNEPFIPrinciples forSustainable Insurance (PSI) Initiative, and