Investing in resilience is complicated. Resilience projects are designed to ensure that a severe event does not become a physical or financial disaster. In the case of a disaster, however, recovery and reconstruction funds become available.
Currently, there are few mechanisms to connect preventive and disaster funds. The City of Norfolk organized a workshop to discuss how to support the development of future insurance-based financing for anticipated resilient infrastructure projects through resilience bonds. The city wants to capture potential insurance benefits generated by specific coastal protection projects. This type of investment would allow the city to get rewarded for taking preventive measures.
The workshop was facilitated by a re:focus team, an organization that has worked with the city before. Attendants to the workshop included the Hampton Roads Sanitation District, the Port of Virginia, the US Navy and other beneficiaries of planned coastal protection projects in Norfolk, as well as representatives of 100 Resilient Cities/The Rockefeller Foundation.
Learn more about RE.Bound Bonds