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

No reason to demonise farming

OPINION: New Zealand has said it is going to reduce its greenhouse gas emissions by ‘a lot’ and ‘in a short time’. One of those gases is methane. Our biggest producer of methane is livestock farming.

Bye bye Paris?

OPINION: At its recent annual general meeting, Federated Farmers’ Auckland province called for New Zealand to withdraw from the Paris Agreement on Climate Change.

Protest planned outside dairy awards venue

As the dairy industry prepares to celebrate its top achievers at an awards night this Saturday, attendees are being warned to be aware of protests planned outside the venue – Baypark Arena, Mount Mauganaui.

Featured

LIC Space folds for good

Farmer co-operative LIC has closed its satellite-backed pasture measurement platform – Space.

Editorial: Time for common sense

OPINION: The case of four Canterbury high country stations facing costly and complex consent hearing processes highlights the dilemma facing the farming sector as the country transitions into a replacement for the Resource Management Act (RMA).

National

Machinery & Products

Calf feeding boost

Advantage Plastics says it is revolutionising calf meal storage and handling, making farm life easier, safer, and more efficient this…

JD's precision essentials

Farmers across New Zealand are renowned for their productivity and efficiency, always wanting to do more with less, while getting…

» Latest Print Issues Online

The Hound

Are they serious?

OPINION: The Greens aren’t serious people when it comes to the economy, so let’s not spend too much on their…

A hurry up!

OPINION: PM Chris Luxon is getting pinged lately for rolling out the old 'we're still a new government' line when…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter