Wednesday, 17 July 2024 15:55

Insurance Council urges bold action

Written by  Staff Reporters
ICNZ chief executive Kris Faafoi says climate adaptation measures can reduce the risks created by storms like Cyclone Gabrielle. ICNZ chief executive Kris Faafoi says climate adaptation measures can reduce the risks created by storms like Cyclone Gabrielle.

The Insurance Council of New Zealand (ICNZ) is urging the Government to take a leadership role on climate adaptation and build New Zealand’s resilience against the impacts of climate change on lives and property.

The ICNZ presented its submission on the Inquiry into Climate Adaptation to the Finance and Expenditure Select Committee yesterday.

ICNZ chief executive Kris Faafoi says the urgency of the climate crisis cannot be overstated.

“New Zealand’s vulnerability to climate-related hazards, including rising sea levels, coastal erosion, and extreme weather events, requires a clear and coordinated approach which the Government is best placed to lead on,” Faafoi says.

He says the ICNZ supports the development of a national climate adaptation model to guide policy and legislative frameworks and provide long-term clarity and certainty around the country’s response to climate change.

“This strategy aims to bring together central government, councils, the private sector and communities to effectively mitigate risks and ensure sustainable adaptation measures,” Faafoi says.

“We have seen firsthand the impacts of the Auckland Anniversary Weekend and Cyclone Gabrielle events on lives, property, and the economy,” he explains. “By taking a proactive approach, adaptation measures can not only reduce these risks but also contribute to the economy’s security and community resilience.”

Faafoi says ICNZ also backs the development of ambitious adaptation goals and clear outcomes such as a defined level of resilience achieved by 2050.

“The cost of achieving these outcomes should be estimated as much as possible so the funding required for adaptation is well understood,” he adds.

“We acknowledge the investment in climate adaptation is likely to be sizeable and is likely to require funding from a variety of sources, including the private sector, and the development of financial instruments such as resilience bonds.”

Faafoi says a coordinated approach should also consider the Government’s work in related areas such as resource management, housing and fast track approval for infrastructure development to “ensure there is an alignment of objectives and incentives”.

"The time for action is now. By working together, New Zealand can build a resilient and sustainable future for all Kiwis," he concludes.

More like this

The politics of climate change

OPINION: The Financial Times, a major international newspaper, featured New Zealand on its front page at the beginning of June. It wasn't for the right reasons.

Featured

$2b boost in NZ exports to EU

New Zealand’s trade with the European Union has jumped $2 billion since a free trade deal entered into force in May last year.

US tariffs hit European ag machinery markets

The climate of uncertainty and market fragmentation that currently characterises the global economy suggests that many of the European agricultural machinery manufacturers will be looking for new markets.

Tributes paid to Jim Bolger

Dignitaries from  all walks of life – the governor general,  politicians past and present, Maoridom- including the Maori Queen, church leaders, the primary sector and family and  friends packed Our Lady of Kapiti’s Catholic church in Paraparaumu on Thursday October 23 to pay tribute to former prime Minister, Jim Bolger who died last week.

National

Machinery & Products

» Latest Print Issues Online

The Hound

Red faced

OPINION: The Greens have taken the high moral ground on the Palestine issue and been leading political agitators in related…

Cold comfort

One of the most galling aspects of the tariffs whacked on our farm exports to the US is the fact…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter