This summer as communities across the country were impacted by bushfires, storms and floods, many people asked not only how can we help these communities recover, but what can we do to help prepare communities for this new norm?
We believe it starts with recognising that everyone is vulnerable to these events and that no one actor or sector has all the answers or can single-handedly address the challenges – we need to work together. It requires diverse perspectives and capabilities to be applied from a range of cross-sector partners in more coordinated ways to address different aspects of this systemic issue.
Going forward the new norm will be to partner and collaborate differently. An example of where this cross-sector approach is being applied is the Resilience Investment Vehicle Pilot.
Supported by the Australian Government, and a featured initiative of the NDRRF National Action Plan, this is a collaboration between IAG, NAB, CSIRO and member agencies of the ANZEMC Mitigation and Risk Sub-Committee (MARS).
The pilot aims to explore how both public and private capital could be directed to finance new or adapt existing infrastructure that builds community resilience to natural hazards under a changing climate.
Through the pilot we will also learn what requirements are necessary for public and private sectors to effectively work together. Part of that will be understanding how each sector views the problem, opportunity and the strengths and capabilities that can be leveraged.
Enhanced investment in disaster risk reduction is commonly seen as a public problem and responsibility, however as major players in the economy both IAG and NAB understand its shared interest in creating resilient communities. Together with CSIRO and MARS members we believe we have a shared responsibility to apply our diverse capabilities from the financial services, science and government sectors to address this complex problem.
The pilot will be explored as a case study for the conference through a fireside chat, with representatives from the working group providing an overview of the partnership approach, sharing learnings and a Q&A. Some themes that may be explored are shared value in action, importance of partnership to find scalable solutions and understanding the value all partners bring and will receive from collaborating.