The overall aim of the ERA project is to provide the government partners in Thailand and Egypt with an enhanced risk assessment for the development of their adaptation and risk financing strategies.
By utilizing the Economics of Climate Adaptation (ECA) framework and enhancing its underpinning open-source risk assessment tool ‘CLIMADA’ to enable non-economic as well as macroeconomic impact modelling, a comprehensive, probabilistic risk analysis is obtained. In addition, the cost-benefit ratios for possible adaptation measures are examined to advise the governments on most suitable adaptation strategies. Besides risk reduction efforts, the project will highlight the importance of incorporating financial risk retention and transfer instruments in order to address residual risks. Moreover, trainings are conducted with partners on topics such as integrated risk management, data management, and how to utilize the newly created graphical user interface for CLIMADA.
The ERA project is implemented by GIZ’s Risk Finance & Insurance Team, GIZ Egypt, and GIZ Thailand together with the Munich Climate Insurance Initiative (MCII) hosted by the United Nations University – Institute for Environment and Human Security (UNU-EHS).