SLYCAN Trust together with the Media Centre for National Development (MCND) of the Ministry of Mass Media, initiated an expert dialogue on the theme ‘Climate Risk Management, and Financial Instruments Related to Risk Transfer and Resilience’ on the 24th of March 2021. This event was held following the national dialogue on climate and disaster risk management in Sri Lanka’s agriculture sector held earlier this week. The event featured key officials from the government departments working on finance, agriculture, sustainable development, climate change, and disaster management, as well as representatives from the banking and insurance industry, the private sector, civil society, academia, and other entities.

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The aim of the event was to build on previous discussions, and to bring national level experts to one platform, to enhance existing climate risk financing mechanisms and look into new risk financing tools to address climate vulnerabilities in sectors exposed to climate change impacts. 

Attending the event, the Minister of Mass Media of Sri Lanka, Keheliya Rambukwella recognized the need to make a collective effort in ensuring financial security of the actors in the vulnerable sectors to recover from climate-induced losses and damages. He stated; ‘To address climate vulnerabilities, risk management and risk transfer mechanisms in a country must function at an optimal level. Through such additional measures, risk education and access to technology, a country can build resilience of the climate vulnerable communities. As the Ministry of Mass Media, we have immense responsibility in disseminating knowledge on climate change and connecting various stakeholders to continue this dialogue.’

Mr. Milinda Rajapaksha, Director of the MCND of the Ministry of Mass Media, Sri Lanka stated; ‘The MCND is mandated to promote and contribute to the development agenda of the country. Climate change has direct and indirect impacts that curb the country’s development. Therefore, we are part of this dialogue as a stakeholder. We are happy to collaborate with SLYCAN Trust to take this conversation to other stakeholders and continue communication required to build climate resilience in the vulnerable sectors.’     

The discussion focused on existing risk management mechanisms in Sri Lanka, climate integrated policies and resilience building efforts.  The dialogue with the experts discussed enhancing the existing finance mechanisms to build finance resilience to climate and disaster risks to minimize adverse impacts of climate change on development and living conditions of the vulnerable groups. The dialogue connected relevant actors as potential partners in multi-actor partnerships involved in the design and implementation of climate and disaster risk financing measures.

Adding to the discussion Executive Director of SLYCAN Trust Ms. Vositha Wijenayake added, ‘Contribution of various actors is required to scale up climate and disaster risk resilience. Climate risk must be integrated into policies by taking scientific research based data and evidence into account. Together with the government entities, our objective is to help establish and expand the platform for multi-actors to collaborate at national and global level, ensure stakeholder engagement and knowledge sharing, and scale up actions on climate resilience building.’  

International experts also joined the dialogue virtually to share best practices and experience on risk finance strategies implemented globally. 

The event was conducted as part of the "Multi-Actor Partnerships on Climate and Disaster Risk Financing and Preparedness in the Context of the InsuResilience Global Partnership," a project supported by the German Federal Ministry for Economic Cooperation and Development and implemented by SLYCAN Trust in collaboration with Chrysalis as a local partner in Sri Lanka. 

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