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Home > Cities Today > Issue 22 > Economic losses can be countered by more resilient cities

Economic losses can be countered by more resilient cities

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Photo: ICLEI

Economic losses from climate-related disasters can only be reduced if cities become more resilient and update existing strategies, the opening plenary panel stressed at ICLEI’s Resilient Cities forum in Bonn, Germany. “In the last 10 years, record-breaking temperatures and rainfall have resulted in US$1.4 trillion in losses,” said Jerry Velasquez, Chief of Advocacy and Outreach, United Nations Office for Disaster Risk Reduction. “In fact only 30 percent of all disasters have recorded data on economic losses, so it could actually be up towards US$5 trillion, which is a lot of money, that cities could be investing in social services.” For that reason, Velasquez explained that the Sendai Framework for Disaster Risk Reduction, the Sustainable Development Goals and the Paris Agreement have actually shifted the thinking from dealing with disaster loss to disaster risk.

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