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Posted on Sustainabilitank.info on July 10th, 2010
by Pincas Jawetz (pj@sustainabilitank.info)

Caribbean Catastrophe Risk Insurance Facility (CCRIF) hosts Regional Workshop on Economics of Climate Adaptation.

CCRIF has recently launched a project to produce a quantitative knowledge base for key climate change risks and adaptation strategies for decision making across the region, building on and contributing to the Review of the Economics of Climate Change (RECC) process. Caribbean Catastrophe Risk Insurance Facility (CCRIF) hosts RegionalWorkshop on Economics of Climate Adaptation On 12 and 13 May, over 50 representatives from Caribbean governments and international agencies met in Barbados to discuss the initial results from a recent investigation into the Economics of Climate Adaptation (ECA) in the Caribbean. This study, part of CCRIF’s technical assistance programme, will enhance the development of a fact base for developing sound climate change adaptation strategies in the region.

Since the launch of the project in February, a team composed of Caribbean Risk Managers on behalf of CCRIF, the Caribbean Community Climate Change Centre (5C’s) and other regional partners, has been intensely involved in data collection and

analysis for a number of countries with analytical support provided by McKinsey & Company and Swiss Re. The workshop, which was held at the Caribbean Development Bank, provided an introduction to the Economics of Climate Adaptation approach and its application in the Caribbean and focussed on sharing the findings of the study with the participants examining the key insights and results for wind, sea level rise/coastal flooding, inland flooding and salinisation of groundwater.

The final outputs of this study will include a risk baseline which will provide transparency about current and future expected
losses from climate risks under three climate change scenarios; and assessment of adaptation measures – identification of feasible and applicable measures to adapt to the expected risks based on quantitative analysis of total cost and expected benefits of risk mitigation and transfer measures.

The results of the study will assist decision makers throughout the Caribbean region in defining and developing sound adaptation strategies and business cases which can be incorporated into national development plans. The recent Climate Change Conference in Copenhagen reconfirmed the commitment to provide funding and technical assistance for climate adaptation
to developing countries. The ECA study will help Caribbean leaders develop programmes that will be strong candidates for adaptation assistance.

The innovation of the ECA methodology lies in its positioning across different knowledge sectors, spanning climate science, the financial industry and economic research. The analysis is based on joining four main elements:
1. Climate change scenarios based on the most recent available scientific evidence.
2. Hazard models forecasting the occurrence of hurricanes or other damaging events.
3. Economic damage functions linking the intensity of events to economic impact.
4. Value distribution models describing each country’s economic and population exposure to hazards in a granular, precise way.

Hurricanes can be dangerous, listening to the hurricane warning messages and planning ahead can reduce the chances of injury or major property damage.
BEFORE:
Know your Emergency Shelters Contact the National Disaster Office for the closest shelters. Have disaster supplies on hand
Flashlight and extra batteries; Portable, battery-operated radio and extra batteries; First aid kit; Non-perishable (canned food) and water; Non-electric can opener; Essential medicines; Cash and
credit cards; Sturdy shoes Protect your windows: Permanent shutters are the best protection. A lower-cost approach is to put up
plywood panels. Trim back branches from trees: Trim branches away from your home and cut all dead or weak branches
on any trees on your property.

Check into your Home and Auto Insurance: Confirm that policies are valid and coverage is appropriate.

Make arrangements for pets and livestock: Pets may not be allowed into emergency shelters for health and space reasons. Contact your local humane society for information on animal shelters.

Develop an emergency communication plan: Make sure that all family members know what to do. Teach family members how and when to turn off gas, electricity, and water. Teach children how and when to call police or fire department and which radio station to tune to for emergency information.

Hurricane Watches and Warnings:
A hurricane watch is issued when there is a threat of hurricane conditions within 24-36 hours. A hurricane warning is issued when hurricane conditions (winds of 74 miles per hour or greater, or dangerously high water and rough seas) are expected in 24 hours or less.

DURING A HURRICANE WATCH:
Listen to the radio or television for hurricane progress reports
Check emergency supplies
Fuel car
Bring in outdoor objects such as lawn furniture, toys, and garden tools and anchor objects that cannot
be brought inside
Secure buildings by closing and boarding up windows
Remove outside antennas and satellite dishes
Turn refrigerator and freezer to coldest settings. Open only when absolutely necessary and close
quickly
Store drinking water in clean jugs, bottles, and cooking utensils.

DURING A HURRICANE WARNING:
If you need to evacuate your home, lock up home and go to the nearest shelter
Take blankets and sleeping bags to shelter
Listen constantly to a radio or television for official instructions
Store valuables and personal papers in a waterproof container on the highest level of your home
Stay inside, away from windows, skylights, and glass doors
Keep a supply of flashlights and extra batteries handy
Avoid open flames, such as candles and kerosene lamps, as a source of light
If power is lost, turn off major appliances to reduce power “surge” when electricity is restored.

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