Context: Recently, a global coalition of 10 organisations launched the Global Resilience Index Initiative (GRII) to build a universal model for assessing resilience to climate risks.

About Global Resilience Index Initiative (GRII) 

• GRII has been initiated with partial funding and in-kind contributions from the insurance sector and partner institutions. 
• The coalition wants to achieve two immediate goals. First, they want to provide global open reference risk data developed using insurance risk modelling principles.  
• Second, they want to provide shared standards and facilities applicable to a wide range of uses: Corporate climate risk disclosure, national adaptation planning and reporting, and the planning of pre-arranged humanitarian finance.

GRII partners and supporters are: Coalition for Disaster Resilient Infrastructure (CDRI); Coalition for Climate Resilient Investment (CCRI); Fathom; GEM Foundation; Insurance Development Forum (IDF); Oasis Loss Modelling Framework; UK Centre for Greening Finance and Investment (CGFI); United Nations office for Disaster Risk Reduction (UNDRR); University of Oxford; Willis Towers Watson
Key Points

• The curated, open-source resource can be used in aggregated risk management across sectors and geographies.
• The model will help countries focus on national adaptation investments.
• The GRII draws upon significant cross-sector risk modelling experience, including public-private partnerships between governments, academia, insurance and engineering.
• GRII can play an important role by creating a shared understanding of mounting physical climate risks. 
• Moreover this will help global economic sectors understand, in concrete terms, the value of building climate resilience and the costs of doing nothing.

Need 

• Almost every country has felt the harsh impact of climate change in recent years in some form or another.
• Then Systems and economies resilient to climate disruption can save millions of lives and livelihoods
• So this type of tool will provide high-level metrics “across the built environment, infrastructure, agriculture and societal exposures".