CDRI announces Infrastructure Resilience Accelerator Fund at COP27, gets USD 50 million in financial commitments
Nov 10, 2022
New Delhi [India], November 10 : The Coalition for Disaster Resilient Infrastructure (CDRI) on Wednesday announced Infrastructure Resilience Accelerator Fund (IRAF), a CDRI multi-partner trust fund, at the India Pavilion of COP27 at Sharm El Sheikh in Egypt.
IRAF, a multi-donor trust fund, established with the support of United Nations Development Programme (UNDP) and United Nations Office for Disaster Risk Reduction (UNDRR), will be managed by the United Nation Multi-Partner Trust Fund Office (UN MPTFO) in New York, to support global action on disaster-resilience of infrastructure systems, especially in developing countries and Small Island Developing States (SIDS), a statement from CDRI said.
Around $50 million in financial commitments have already been announced for IRAF over an initial duration of five years. Supported by the governments of India, the UK, Australia and the European Union, IRAF's multi-pronged programme focus will offer customised technical assistance, capacity building, research, knowledge management and advocacy across the infrastructure life cycle for countries at all stages of development.
Amit Prothi, Director General, CDRI, said "We believe that IRAF will enable CDRI to achieve its mandate of resilience through risk-informed investments and infrastructure development resulting in reduced vulnerability of populations and reduced impact of extreme events and disasters on infrastructure systems".
Ken O'Flaherty, COP26 Regional Ambassador for Asia/ Pacific, Caribbean and Small Island Developing States, FCDO-Cabinet Office COP26 Unit, said "SIDS are among the most vulnerable countries exposed to disaster and climate risks. The UK is pleased to have worked closely with CDRI and other partners in establishing the trust fund. The launch today is a welcome and an important step towards delivering activities and ensuring impacts on the ground."
Pat Conroy, Australia's Minister for International Development and the Pacific, said, "As one of the founding contributors, Australia warmly welcomes the establishment of CDRI's Infrastructure Resilience Accelerator Fund. This Fund's early focus on supporting island states will be particularly critical for the Pacific region which is at the forefront of dealing with the effects of climate change--there has never been a more important time to focus on resilient infrastructure than now."
The statement said IRAF will play a crucial role in equipping the Coalition to deliver on improved infrastructure governance, inclusive infrastructure services, diversified knowledge, and financing for resilient infrastructure globally. One of the first initiatives to be supported by IRAF is the Infrastructure for Resilient Island States (IRIS).
Launched by Prime Minister Narendra Modi at the UN Climate Action Summit at New York on September 23, 2019, the Coalition for Disaster Resilient Infrastructure (CDRI) is a partnership of national governments, UN agencies and programmes, multilateral development banks and financing mechanisms, the private sector, and knowledge institutions that aims to promote the resilience of new and existing infrastructure systems to climate and disaster risks in support of sustainable development.
CDRI promotes rapid development of resilient infrastructure to respond to the Sustainable Development Goals' imperatives of expanding universal access to basic services, enabling prosperity and decent work.
