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The cost of action and the price of inaction

Be they the result of conflict, natural hazards or climate change, and whether they act upon financial, political or trade systems, the fact is that shocks and stresses are a part of the world we live in, and they will happen. The key is to learn this lesson and move forward constructively.

Last year saw many global processes engage on these issues and many agreements acknowledge the role of risk financing. The Sendai Framework for Disaster Risk Reduction, the Addis Ababa Action Agenda, the launch of the SDGs, and the Paris agreement on climate change, all stressed the need to better protect development, with resilience building recognized as a necessary priority. Since then, new initiatives have sprung up to enable action on these declarations. This includes actions to extend insurance against climate impacts in developing countries, ensuring long-term food and water security, and a global partnership — “5-10-50” — to address disaster risk.

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