Insurance

Zurich Flood Alliance expands to address climate adaptation

Zurich Flood Alliance expands to address climate adaptation

environmental

By Kenneth Araullo



Building on a decade of experience in flood resilience, the Zurich Flood Resilience Alliance has transformed into the Zurich Climate Resilience Alliance. This strategic shift addresses the growing need for adaptation efforts in response to the increasing impacts of climate change.

The new alliance, led by Zurich Insurance Group and the Z Zurich Foundation, aims to assess resilience levels in vulnerable communities and implement solutions to various climate risks.

The shift from the Zurich Flood Alliance, which began in 2013, reflects a broader focus on climate risks beyond flooding.

The Zurich Climate Resilience Coalition has the same nine members as its predecessor, bringing together humanitarian organizations, NGOs, research institutions and private sector partners.

Members include Zurich Insurance Company Ltd, Concern International, the International Federation of Red Cross and Red Crescent Societies, Mercy Corps, Plan International, Practical Action, the International Institute for Applied Systems and Analysis, the London School of Economics, and the Institute for Social and Environmental Transformation International.

Gregory Rennand (pictured above), President of Z Foundation Zurich, highlighted the impact of the Alliance’s initiatives, noting that since 2018, they have positively impacted the lives of more than 3 million people in more than 350 communities around the world.

Read more: Zurich Insurance to Stop Underwriting New Fossil Fuel Projects

The Alliance’s advocacy efforts have also driven more than $1.25 billion in increased spending on resilience. The expanded focus now includes additional climate risks such as heat waves, wildfires, and storms, furthering the Alliance’s commitment to building resilience in vulnerable communities.

2023 was the hottest year on record, with a marked increase in the frequency and intensity of climate-related events such as storms and flash floods. Despite these increased threats, investment in climate adaptation remains inadequate, resulting in greater losses and damage after each disaster.

The Alliance emphasizes the importance of long-term, sustainable resilience to climate risks, which can only be achieved through collaboration with affected communities. The programs developed by the Alliance are tailored to the specific needs of each community, with a focus on assessing current levels of resilience and implementing appropriate solutions.

Linda Frainer, Director of Sustainability at Zurich Insurance Group, noted the importance of the alliance’s development.

She acknowledged the progress made over the past decade in addressing the climate crisis and stressed the need to accelerate efforts in the coming years. She said the next decade is crucial to achieving the goals needed to secure a sustainable future.

The Zurich Climate Resilience Alliance aims to address systemic barriers to building resilience and achieving broad-based impact. By broadening its focus and fostering community collaboration, the alliance seeks to create an environment where vulnerable communities are not only resilient, but also thrive in the face of climate challenges.

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