Commonwealth Heads ID Secretary hails science/innovation in helping developing countries build resilience

Commonwealth Heads of Government International Development Secretary Penny Mordaunt will today highlight the important role that science, innovation and the City of London can play in helping developing countries build resilience against, and recover after natural disasters.
 
At an event at Lloyd’s of London Ms Mordaunt will join Dame Inga Beale, CEO of Lloyd’s of London, to showcase how science and technology are powering the design of innovative financial products which are helping developing countries recover more quickly after extreme climates and disasters.
 
At the event – held on the first day of the Commonwealth Heads of Government Meetings this week – Ms Mordaunt is announcing:
 
·       A package of support to the Caribbean to help prepare for future disasters and explore how innovative finance products can provide much-needed pay-outs quickly, to help speed up the recovery of businesses and critical services, like hospitals, power and schools.
·       An increase in continued support to the Pacific disaster risk insurance pool (PCRAFI) following the disaster wreaked by Hurricane Gita in Tonga last year, to strengthen its proven ability to pay out following future disasters.
 
Ms Mordaunt will also reflect on the progress of Global Parametrics, a UK aid-backed social enterprise that is using cutting-edge climatic, seismic and financial risk modelling to build products that make a real difference when natural disasters hit. This includes a recently launched facility with its first client, VisionFund, which will help 4 million people access crucial finance to rebuild their lives and businesses in the wake of natural disasters.