AGWA and SIWI Join EU Horizon 2020 Project on Nature Insurance Value: Assessment and Demonstration (NAIAD)
14/02/17 Filed in: Announcement
Earlier this month, AGWA and SIWI participated in a series of kick-off meetings in Valladolid, Spain for a new three-year EU project called Nature Insurance Value: Assessment and Demonstration (NAIAD). The project is coordinated by the Duero River Basin Authority and funded under the European Horizon 2020 Program. The goal of the project is to operationalize the insurance value of ecosystems to reduce the human and economic cost of risks associated with water (floods and droughts) by developing and testing - with key insurers and municipalities - the concepts, tools, applications and instruments (business models) necessary for its mainstreaming. Over 25 organizations from around 13 countries took part in the kick-off meetings.
AGWA and SIWI will contribute to the policy & mainstreaming, communications & dissemination, and basins models & financing instruments components of the project over the coming months and years.
Throughout the meetings, AGWA and SIWI representatives took part in strategic planning sessions and gave presentations on proposed areas of work.
NAIAD aims to operationalize “Natural Assurance Schemes,” defined as a range of schemes to internalize the value of the insurance and buffering role of river systems against water risks, including soil surface and groundwater based on an assessment methodology that includes the physical, socio-cultural and valuation aspects adapted to the institutional frame to align economic incentives and financial flows. NAIAD will reduce the human and economic cost of risks associated with water (floods and drought) and facilitate smarter development by mainstreaming robust techniques to optimize investments in “green and blue infrastructure” and establishing “natural assurance schemes” for water related risk mitigation, whilst ensuring grey infrastructure is valued for its role in managing event types that green and blue infrastructure cannot.
Over the coming weeks we plan to feature guest blogs from other NAIAD partners. A website for the project is currently under development, so make sure to revisit the AGWA Blog and read our newsletter for updates in the meantime.