Climate change: The world isn’t spending enough to prevent disasters, UN says
- Of the US$133 billion disaster-related financing in 2010 to 2019, only 4 per cent went to reducing risks, rest was spent on more costly post-calamity responses
- ‘We are living in a multi-hazard world with compounding effects, and we need to invest more in prevention,’ UN risk chief said
Nations are spending too little to prevent disasters in the face of rising global calamities from the floods in South Africa to a record-breaking heatwave in India.
Of the US$133 billion in available disaster-related financing in 2010 to 2019, only 4 per cent went to reducing risks with the rest being spent on more costly post-calamity responses, Mami Mizutori, head of the United Nations Office for Disaster Risk Reduction, said.
“This is the new landscape of disaster risk,” Mizutori said ahead of a global forum on disaster risk reduction in Bali.
“We are living in a multi-hazard world with compounding effects, and we need to invest more in prevention.”
This lack of funding comes at a time when countries are having to contend with natural disasters and geopolitical conflicts after years of struggling with the pandemic.
Developing nations bear the brunt of losses from disasters at 1 per cent of gross domestic product a year, threatening to undo their hard-earned economic gains. That figure comes down to just 0.1 per cent-0.3 per cent for developed countries.