Chennai, July 25 (FN Bureau) Principal Secretary to Prime Minister PK Mishra on Monday said over the last few years, India has completely transformed theway disaster risk reduction was financed. Addressing the opening session of the 3rd Meeting of G20 Disaster Risk Reduction Working Group here, he said in India over the last few years,financing for disaster risk reduction has been completely transformedand a predictable mechanism is in place for financing not just disasterresponse but also disaster mitigation, preparedness and recovery. “Can we have analogous arrangements at the global level as well?”, heasked.
He stressed the need for greater convergence between various streamsof financing available for disaster risk reduction. Stating that Climate Finance has to be an integral part of financing for disaster risk reduction, the Principal Secretary stressed addressingthe challenge of mobilizing private finance for disaster risk reduction needs. Putting out a question, Mr Mishra said “What kind of enabling environment should the governments create to attract private finance into disaster riskreduction? How can G20 generate momentum around this area and ensurethat private investment in disaster risk reduction is not only an expressionof corporate social responsibility but part of the core business of firms?” “Like ‘preparedness for response’, we need to have emphasis on ‘preparednessfor recovery’”, he added.