IRIS Initiative To Be Launched By India, UK And Australia At COP 26

26 October 2021 Current Affairs:In collaboration with SIDS, India, Australia, and the UK have planned to launch a new initiative, IRIS, at the Conference of Parties (COP26). 

♦ The IRIS platform aims at creating an infrastructure that can withstand disasters and lessen economic losses in island nations.
♦ The IRIS initiative will be begun with initial funding of $10 million from Australia, India and the UK. 
♦ The 2021 United Nations Climate Change Conference (COP26) is scheduled from October 31 to November 12, 2021.
♦ Small Island Developing States(SIDS) are a distinct group of 38 UN Member States, and 20 Non-UN Members/Associate Members of UN regional commissions face unique social, economic, and environmental vulnerabilities.
♦ SIDS countries are highly responsive to economic losses due to disasters, with average annual losses ranging from 1% to 10% of the gross domestic product(GDP).
♦ SIDS countries estimate two-thirds of the countries in the world suffer the highest relative losses due to disasters. 
♦ These countries also have the highest multi-hazard risks relative to the size of their capital stock.
♦ Hence, the IRIS Initiative is being driven to support the planning process and build capacity and infrastructure in a general way that meets the needs of SIDS countries.

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