Think20 Policy Brief - The Case for a G20-Led Climate Change Relocation Insurance System
This Policy Brief was submitted to Think20 (the engagement group of the G20) and published here on May 1, 2023.
The ideas outlined here are based on ‘Takshashila Policy Brief - A Global Climate Change Relocation Insurance Framework’ authored by Pavan Srinath, Pranay Kotasthane, Varun Ramachandra, and Sarah Farooqui.
Abstract
Climate change-induced catastrophes in the coming years will result in widespread and large-scale population displacement, including across national borders. Uncontrolled international migration or refugee crises caused by climate change are a matter of humanitarian, economic, and security concern for the global community. This Policy Brief proposes that G20 set the agenda for the protection, rehabilitation, and relocation of climate refugees through the mechanism of a Global Climate Change Relocation Insurance (GCCRI). The Takshashila Institution first proffered the idea of a GCCRI in a 2015 policy brief. The GCCRI framework will allow at-risk individuals and families to purchase insurance to protect themselves from loss of land, property, and livelihood due to climate catastrophes. The G20 will benefit from a GCCRI system for multiple reasons: remediation towards historical contributions to climate change by developed countries; as a preventive measure against unmitigated climate refugee crises which pose economic and security risks; and pre-planning effective relocation of refugees based on social and cultural considerations.
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