Financial Institution Vulnerability Assessment in Kiribati: A Holistic Approach to Climate Risk Management
======================================================
The Climate Change Unit in the Office of the President has launched a comprehensive country-wide assessment aimed at identifying vulnerabilities in Kiribati’s financial institutions to climate-related risks. The initiative, known as the Kiribati Integrated Vulnerability Assessment (KIVA), aims to improve inter-sectoral coordination, align support, and optimize the selection of climate change interventions.
Key Partners and Stakeholders
The KIVA approach brings together key partners from various sectors, including:
- Office of the Beretitenti
- Ministry of Internal Affairs
- Ministry of Commerce, Industry and Cooperatives
- Several other government agencies
- International organizations:
- Asian Development Bank
- Adventist Development and Relief Agency
- Conservation International
- Delegation of the European Union for the Pacific
- Local non-governmental organizations:
- Kiribati Association of Non-Government Organisations (KANGO)
- Kiribati Family Health Association
- Kiribati Local Government Association
- Educational institutions:
- Kiribati Teachers College
- Environmental organizations:
- Live & Learn Environmental Education
Objectives and Approach
The KIVA approach aims to assess the likely and actual impact of climate change on financial institutions in Kiribati, with a view to identifying vulnerabilities and developing strategies to mitigate these risks. The initiative is expected to improve the country’s resilience to climate-related shocks and enhance its ability to respond effectively to disasters.
Benefits
The KIVA assessment promises to provide a comprehensive framework for addressing climate vulnerability in Kiribati’s financial sector, ultimately contributing to the country’s sustainable development. By identifying vulnerabilities and developing strategies to mitigate these risks, the initiative aims to:
- Improve inter-sectoral coordination
- Align support
- Optimize the selection of climate change interventions
Next Steps
The stakeholder listing is currently under review and may be subject to changes as the assessment progresses. However, KIVA is expected to provide a comprehensive framework for addressing climate vulnerability in Kiribati’s financial sector, ultimately contributing to the country’s sustainable development.