The Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) is urging the Government to take a leadership
role on climate adaptation and build New Zealand’s resilience against the impact of climate change on lives and
property.
The ICNZ is presenting on its submission on the Inquiry into Climate Adaptation to the Finance and Expenditure Select
Committee this morning.
"The urgency of the climate crisis cannot be overstated. New Zealand’s vulnerability to climate-related hazards,
including rising sea levels, coastal erosion, and extreme weather events, requires a clear and coordinated approach
which the Government is best placed to lead on," ICNZ chief executive Kris Faafoi said.
"We support the development of a national climate adaptation model to guide policy and legislative frameworks and
provide long term clarity and certainty around our response to climate change. This strategy aims to bring together
central government, councils, the private sector and communities to effectively mitigate risks and ensure sustainable
adaptation measures.
"We have seen firsthand the impacts of the Auckland Anniversary Weekend and Cyclone Gabrielle events on lives, property,
and the economy. By taking a proactive approach, adaptation measures can not only reduce these risks but also contribute
to the economy’s security and community resilience.
"We also back the development of ambitious adaptation goals and clear outcomes such as a defined level of resilience
achieved by 2050. The cost of achieving these outcomes should be estimated as much as possible so the funding required
for adaptation is well understood.
"We acknowledge the investment in climate adaptation is likely to be sizeable and is likely to require funding from a
variety of sources, including the private sector, and the development of financial instruments such as resilience bonds.
"A proactive approach to adapt now makes economic sense. Research shows that every dollar invested in adaptation yields
substantial economic benefits. By addressing these risks now, New Zealand can avoid the higher costs associated with
future climate-related disasters.
"A coordinated approach should also consider the Government’s work in related areas such as resource management reform,
housing and fast track approval for infrastructure development to ensure there is an alignment of objectives and
incentives. For example, ICNZ is supportive of reforms that bolster adaptation, resilience, and recovery from natural
disasters and prevent developments in areas that exacerbate risk.
"The time for action is now. By working together, New Zealand can build a resilient and sustainable future for all
Kiwis," Kris Faafoi said.