The National Disaster Management Office (NDMO) of the Ministry of Environment Climate Change Disaster Management and Meteorology (MECDM) and the Ministry of Finance and Treasury had launched First-ever Disaster Risk Financing Strategy to Strengthen Financial Resilience in Solomon Islands at the Heritage Park Hotel.
This marks a major milestone in the country’s effort to strengthen financial resilience in the face of increasing natural disaster and climate risks. The DRFS provides a clear roadmap for the Solomon Islands to proactively plan, access and deploy financial resources before, during and after the disasters.
In her keynote address, Permanent Secretary, Ministry of Environment Climate Change Disaster Management and Meteorology (MECDM) Ms Susan Sulu said:
“The Disaster Risk Financing Strategy is a critical step forward in our national resilience agenda. It allows us to protect our people, our economy and our development gains from the financial shocks caused by disasters”.
Ms Sulu stated, Solomon Islands, like many small island nations faces substantial climate and disaster risks, both hydrometeorological and geophysical. From cyclones, floods, droughts to earthquakes, tsunami and landslides.
“We have the population, natural environment and economy that is significantly prone to hazard and the risks that they pose”.
She adds, the risks that we face are real and present. Some regional modelling and estimations show that natural disasters could costs an average USD 278 million a year for Pacific Island Country’s. The April 2014 flashfloods in Honiara have caused an estimated US 107 million in damage, representing approximately 9 percent of our Gross Domestic Production (GDP). The increase frequency of natural disasters will significantly disrupt national planning and puts pressure on national budget.
Ms Sulu’s final remarks state The Solomon Islands Disaster Risk Finance Strategy is more than just a policy document. It is a commitment- a commitment to protect our people, preserve our development progress, and build a more resilient Solomon Islands.
“Together through continued collaboration and effort, we will ensure that our nation remains a place of strength, opportunity, and resilience for generation to come”.
Meanwhile in his keynote address, on behave of the Minister for Finance and Treasury, Permanent Secretary, Makini Dentana, emphasized the government’s long-term vision stating:
“Disasters are no longer just humanitarian challenges – they are economic threats. This Strategy strengthen our financial readiness to act swiftly and effectively when disasters strike. It reflects our vision for a safer, more resilient Solomon Islands and determination to secure long-term sustainable development for all citizens”.
The DRFS outlines a mix of financial tools and risk-layering strategies, including contingency funds, emergency reserves, contingent credit, and sovereign risk insurance. These instruments are supported through partnerships with key institutions such as the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP), United Nations Capital Development Fund (UNCDF), EU as part of partners supporting the DRF strategy, the Pacific Catastrophe Risk Insurance Company (PCRIC), Pacific Islands Forum Secretariat (PIFS), and the Pacific Community (SPC).
As part of the launch, the Ministry of Finance and Treasury also convened a Development Partners Re-engagement Meeting bringing together key partners to present the DRFS implementation roadmap, reaffirm collaboration, and explore opportunities for technical and financial support.
The strategy is fully aligned with the National Development Strategy 2016-2035, the Solomon Islands Climate Change Policy and Disaster Management Plan and regional frameworks such as the Framework for Resilient Development in the Pacific. (FRDP).
The launching ceremony was attended by Climate Change and Resilience Team (PIFS) senior government officials, provincial representatives, private sector stakeholders, civil society and key development partners.
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[MECDM Press]
