Peak Re participated in the first Himalayan Consensus Summit which was held in Kathmandu, Nepal from 17 – 18 March 2016. Delegates from civil society, business and finance discussed with grass-root entrepreneurs and environmentalists new ways of designing and creating sustainable development solutions for the Himalayan region, which is the key water source for the major Asian rivers. Together with protecting the environment, the new paradigm should also respect the rich cultural heritage of the region and its interconnections beyond national borders.
Almost a year ago, a devastating Gorkha earthquake hit the region with a magnitude of 7.8 MW, killing 8,000 people and leaving many more injured and homeless. The two-day Summit explored opportunities on how to best collaborate, overcome financial constraints and support the development of the local economy with practical solutions, given the region’s ecological fragility and its limitations relating to access to water and energy.
Approximately 80 participants with a broad range of backgrounds, expertise and experience in their respective fields, attended the event. As a first result, the Himalayan Consensus incepted a renewable energy and water conservation fund in collaboration with institutional investors and a small cap fund for preservation of heritage and culture through micro-business models.
Peak Re’s Eckart Roth, Chief Risk Officer, attended on behalf of Peak Re, which was also one of the event’s sponsors. Together with experts from the financial community, Peak Re, the only reinsurer Active involvement in the first Himalayan Consensus Summit at the event, developed a roadmap for establishing a new financial architecture which enhances the preparedness of the region for external shocks. Private funding and in particular insurance and reinsurance can play a key role in raising awareness, addressing the risks and financial needs and setting up solutions, which reduce the region’s dependence on donor money.
“The Himalayan region has a huge potential with regard to its strong heritage and its wealth of untapped resources, e.g. hydro power. At the same time, it is highly exposed to perils such as earthquakes and floods. Both aspects require pragmatic, sustainable solutions through small but effective, relevant projects that involve the local communities and make use of already available resources,” said Eckart Roth following the Summit. “This grass root approach ultimately benefits a wide range of sectors and reduces donor-based dependencies. From an insurance perspective, it’s all about managing risks, financials and long term investments.”
For further information: http://himalayanconsensus.org/himalayan-consensus-summit
The Himalayan Consensus is an economic paradigm for protecting ethnic diversity and local identity through community empowerment, emphasizing the fight against climate disruption. Himalayan Consensus aims to protect the regions’ ethnic diversity and indigenous identity through sustainable economic programmes or socially-responsible businesses, emphasizing the need for environmental protection and community development. The Himalayan Consensus is drawn from collective experiences across the Himalayan region where local knowledge has proven successful in creating pragmatic solutions to developmental challenges.
