PCRIC Champions Rapid Loss & Damage Finance at UNGA

This week at the 80th UN General Assembly High-Level Week in New York, emphasising the urgent need for rapid, accessible financial solutions to the costs of escalating climate risks in the region, PCRIC once again took a leadership position in advocating for tangible steps forward in the delivery of Loss & Damage (L&D) support throughout the Pacific Islands.

Speaking at the high-level forum, PCRIC CEO Mr. Aholotu Palu highlighted the growing challenges faced by small island nations. As climate change intensifies, the frequency and severity of extreme weather events, adaptation and mitigation remain critical. However, many impacts, particularly irreversible losses, fall squarely within the L&D landscape.

It was stressed that timely, rules-based financial instruments are essential for bridging the gap between disaster impact and recovery. Pre-arranged triggers and pooled regional coverage allow L&D finance to be operationalised effectively. By combining speed with scalability, PCRIC is well positioned as a reliable delivery channel, complementing broader L&D funding mechanisms and building donor confidence.

The CEO also championed the integration of parametric insurance into national disaster risk management systems. As a first-response mechanism, this would ensure that L&D finance could be deployed immediately when extreme events strike. Response to PCRIC’s contribution was positive as delegates collectively explored pathways for enhancing access and expediting receipt of L&D funding by those most impacted.