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Sustainable financing for climate and disaster resilience in Atoll Islands: Evidence from Tuvalu and Kiribati

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  • Tauisi Taupo

Abstract

This paper examines the financing of disaster risk management. Future climate and disaster risks are predicted to impose increasing financial pressure on the governments of low‐lying atoll nations. The aftermath of a disaster, such as a cyclone, requires financial means for quick response and recovery. We quantify the appropriate levels of financial support for expected disasters in Tuvalu and Kiribati by building on the Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI)‐calculated likely costs for disasters. To these, we add estimates of the potential effects of distant cyclones, droughts, sea‐level rise, climate change and large‐scale disaster shocks as they are predicted to affect low‐lying atoll islands. The present paper focuses on the potential contribution of the sovereign wealth funds (SWF) of Tuvalu and Kiribati in reducing reliance on foreign aid for ex‐post disaster risk management. We forecast the future size of SWF using Monte Carlo simulations. We examine the long‐term sustainability of SWF and the feasibility of extending their mandate for disaster recovery.

Suggested Citation

  • Tauisi Taupo, 2019. "Sustainable financing for climate and disaster resilience in Atoll Islands: Evidence from Tuvalu and Kiribati," Pacific Economic Review, Wiley Blackwell, vol. 24(5), pages 705-717, December.
    • Handle: RePEc:bla:pacecr:v:24:y:2019:i:5:p:705-717
    DOI: 10.1111/1468-0106.12295
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    Cited by:

    1. Ryota Nakatani, 2021. "Fiscal Rules for Natural Disaster- and Climate Change-Prone Small States," Sustainability, MDPI, vol. 13(6), pages 1-26, March.
    2. Ilan Noy & Christopher Edmonds, 2019. "Increasing fiscal resilience to disasters in the Pacific," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 97(3), pages 1375-1393, July.
    3. Peter Tangney & Claire Nettle & Beverley Clarke & Joshua Newman & Cassandra Star, 2021. "Climate security in the Indo-Pacific: a systematic review of governance challenges for enhancing regional climate resilience," Climatic Change, Springer, vol. 167(3), pages 1-30, August.

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