Since their arrival into Egypt, the Pacific Catastrophe Risk Insurance Company (PCRIC) team have attended a number of COP27 side events.
✅ Strategic legal approaches to safeguard climate, nature and our future: international court of justice
The strategic legal approach side event hosted by the Vanuatu Government mainly focused on the possibility of pushing for the ecocide aspects of damage to the environment to be deemed criminalized under the International Court of Justice (ICJ).
The underlying objective is to put human #rights at the core of the nature and the overall ecosystem domain. Essentially, this aims to push for legal pathways to compensate the victims of climate change by the bigger emitters.
✅ Green Climate Fund
The team attended the Green Climate side event to learn whether it is possible for parametric insurance premium financing to be sourced from the Green Climate Fund by Pacific Island countries. There are plans to further explore this avenue.
✅ Greening sovereign debt side events
The event on greening sovereign debt discussions was on how the private sector finance can be locked in for investment in green/blue projects. The model used by Caribbean countries like Belize and Seychelles in structuring blue bonds with partnership from developmental finance institutions can be replicated by other small island countries.
This can take multiple forms such as climate for debt swaps and the restructure of sovereign debt, to name a few. The technical capacity of sovereigns is a key impediment identified which contributes to a low uptake of this financing model.
There are a series of events, panel discussions and bilateral meetings the PCRIC team have been invited to attend for the remaining days of the COP27 conference.