“By making our systems and economies more resilient to climate disruption we can save millions of lives and livelihoods. To inject pace into this vital agenda we need adaptation and resilience to be clearly understood by governments, businesses and communities. The Global Resilience Index Initiative helps deliver that.”
Emma Howard Boyd, Chair of the Environment Agency
Levelling the Playing Field in Risk Understanding
The GRII is inspired by the UN’s 2017 Global Assessment Report (GAR17) published by the UNDRR. GAR17 aimed to provide globally consistent, open physical risk information, based upon insurance risk expertise, frameworks and metrics. Like GRII, the goal is to provide the understanding and common language of risk between the public and private sector needed to help catalyse greater investment in resilience. For the first time, GAR17 levelled the playing field in access to high quality multi-hazard risk information. GRII builds upon this concept and integrates future risk projections, additional hazards, exposures and vulnerabilities as well as advanced network risk analytics.
Analytics at Scale
GRII is based on a catastrophe risk modelling approach, constructing the basic building blocks of hazard, exposure and vulnerability to produce advanced probabilistic risk analytics.
We draw upon the significant experience of the risk modelling community, including public-private partnerships between governments and the insurance, science and engineering sectors. For example, the GRII will be closely aligned with the Global Risk Modelling Alliance through which climate-vulnerable countries can access insurance-grade expertise, data and open-source risk technology to enhance their own risk analytics capability.
Our focus is on the extremes – like typhoons and floods – those risks that create the biggest impacts on people and economies right now.
But we also strive to deliver the next generation of analytics – modelling the impacts of shocks on human and economic systems and supply chains – allowing us for the first time to assess the macro-level and systemic physical climate risks that most threaten sustainable development.
We are able to drill down from global, to national to sub-national and, through innovations in spatial finance, even to the asset level required for climate disclosure and risk management.
Over the coming months, GRII will deliver the first global infrastructure risk analytics platform, using advanced earth observation and artificial intelligence techniques to deliver information at scale that is accessible to all. See our prototype SE Asia platform developed collaboratively between Oxford Infrastructure Analytics and the World Bank Disaster Risk Financing and Insurance Programme (DRFIP). This prototype work demonstrated the scalability of this approach, paving the way for the development of a global infrastructure risk analytics platform.
Analytics to Action
GRII aligns closely with other initiatives to bring analytics into action. For example, the GRII will be closely aligned with the Global Risk Modelling Alliance, through which climate-vulnerable countries can access expertise, data and open-source risk technology to enhance their own risk analytics capability. GRII also links to the Centre for Greening Finance and Investment work with financial institutions and Central Banks.
Community Collaborative Effort
The GRII is an open collaborative platform, with partners from around the world contributing data and expertise based on a common approach and open and shared standards.
Our goal is to build upon what already exists, bring data together on a common analytical platform and fill gaps where necessary to generate an advanced, globally-consistent view of risk accessible to all.
It builds upon the experience of significant risk modelling programmes over the last decade including OASIS, the Data and Analytics Facility for National Infrastructure; the Global Earthquake Model Foundation, the World Bank-GFDRR Understanding Risk Programme and the natural catastrophe risk quantification capacity gained by the reinsurance sector since the early 1990s.
This is about levelling the playing field in access to high quality information for all. It’s about creating a common language of risk to mobilize investment. We call on you to be part of the resilience transition. Contact us to learn more about how to get involved.