Kiribati’s Financial Institution Risk Management Exposed: Experts Warn of Coastal Flooding and Erosion Threats
A new assessment has identified Kiribati as vulnerable to coastal flooding and erosion, highlighting the need for immediate action to protect its communities. The report warns that Tarawa, Kiribati’s capital, is highly susceptible to flooding, with over 50% of its land expected to be covered in sea water by 2100.
Ecological and Financial Risks
The assessment, which surveyed dozens of local experts, has identified significant ecological and financial risks. Kiribati’s economy relies heavily on revenue from offshore foreign-flagged purse seine tuna fishing, making it vulnerable to fluctuations in global markets. The country also struggles with inadequate waste management systems, further exacerbating its climate-related challenges.
Recommendations for Action
The assessment provides a roadmap for action, recommending that Kiribati:
- Invest in infrastructure to mitigate flooding
- Transition to a circular economy that emphasizes recycling of waste
- Diversify its economy away from offshore fishing licenses
Experts warn that without swift intervention, the country’s dire situation will worsen over time.
Quotes from Experts
“Heidi Prislan, Adviser for Commonwealth Blue Charter, emphasized the importance of immediate action: “The data collected and presented by the rapid assessment will give leaders and communities in Kiribati the information they need to continue to address the runaway flood situation there, and begin to improve its direly inadequate waste management systems.”
Sally Yozell, Senior Fellow, Director of the Stimson Center’s Environmental Security Program, and CORVI Project lead, added: “The Rapid Assessment confirms that the climate situation in Kiribati is dire. This report provides Kiribati with an urgent roadmap for actions to address several economic and ecological issues that will continue to deteriorate without swift and strong interventions.”
Background on the Report
The CORVI Rapid Assessment is based on the Climate and Ocean Risk Vulnerability Index tool, which compares a diverse range of economic, social, and environmental risks to produce climate and ocean risk profiles for coastal cities. The assessment has been supported by the Ocean Risk and Resilience Action Alliance (ORRAA) and was funded with UK aid from the UK government.
Availability of the Report
The full report is available online, providing critical information for policymakers, businesses, and financial institutions seeking to understand and address Kiribati’s climate-related challenges.