ICNZ calls for government leadership in climate adaptation

ICNZ calls for government leadership in climate adaptation | Insurance Business Australia

Environmental

ICNZ calls for government leadership in climate adaptation

New Zealand’s vulnerability to climate-related hazards highlighted

Environmental

By
Roxanne Libatique

The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) is advocating for the government to lead in climate adaptation efforts to strengthen New Zealand’s resilience against climate change impacts on lives and property.

“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,” ICNZ chief executive Kris Faafoi said.

“We have seen firsthand the impacts of the Auckland Anniversary Weekend and Cyclone Gabrielle events on lives, property, and the economy. By taking a proactive approach, adaptation measures can not only reduce these risks but also contribute to the economy’s security and community resilience,” he said. “We also back 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 also acknowledged that investment in climate adaptation will be significant, requiring funding from various sources, including the private sector, and the creation of financial instruments such as resilience bonds.

“A proactive approach to adapt now makes economic sense. Research shows that every dollar invested in adaptation yields substantial economic benefits. By addressing these risks now, New Zealand can avoid the higher costs associated with future climate-related disasters,” he said.

Coordinative approach to development of national climate adaptation model

Faafoi stressed that a coordinated approach should align with the government’s efforts in areas like resource management reform, housing, and fast-track infrastructure approval to ensure aligned 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 said.

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