Conduct a comprehensive review of Council’s insurance strategy to ensure adequate coverage for severe weather events and climate-related risks. A proactive, strategic approach to insurance will enhance Council’s ability to manage climate-related financial risks and build long-term resilience.
2.9 Climate insurance strategy
Action
Key Initaitives
- Identify coverage gaps: Assess current insurance policies to ensure sufficient protection against climate-related risks, including flooding, storms, and other extreme weather events.
- Explore new solutions: Investigate emerging climate risk insurance products and financial instruments to enhance Council’s ability to manage potential losses.
- Strengthen partnerships and best practices: Collaborate with insurance providers, industry experts, and other local Councils to identify best practices and scalable solutions for climate risk management.
2.9
Project Details
Investment
What is this?
Investment Value (Estimate)
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<$20k
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$20K - $100K
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$100K - $500K
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>$500K
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To be confirmed/still under review
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Key Partners
Internal staff, insurance brokers, insurance providers.
Kāi Tahu Value Alignment
Tikaka - Appropriate action
Haere whakamua - Future focused
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2.1Emission Reduction InvestmentsImplement targeted investments and initiatives to reduce Council greenhouse gas (GHG) scope 1 (direct) and scope 2 (indirect purchased electricity) emissions by transitioning to cleaner energy sources and aligning future investment priorities with long-term emissions reduction goals.
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2.2Embedding climate and biodiversity into Council decision-makingEmbed climate and biodiversity considerations into governance, decisionmaking, and organisational development.
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2.3Protecting indigenous biodiversity through planning policyDevelop a programme of work to give effect to the National Policy Statement for Indigenous Biodiversity (NPS-IB).
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2.4Sustainable procurementIntegrate best-practice sustainability standards into Council procurement processes. Ensure purchasing decisions are aligned with emissions reduction, sustainability, waste minimisation, and social development objectives of Council.
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2.5Organisational greenhouse gas emissions reportingUndertake organisational greenhouse gas (GHG) emissions reporting and achieve annual carbon reduction certification through independent third-party auditing, in accordance with ISO 14064-1:2018.
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2.6District greenhouse gas emissions reportingUndertake district-level GHG reporting to track emissions trends, measure progress toward reduction targets, and inform coordinated climate action planning across the district.
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2.7Climate scenario analysisUndertake a climate scenario analysis in line with recognised frameworks e.g. Aotearoa New Zealand Climate Standards (NZCS) to help Council evaluate a range of plausible climate futures, assess district-wide resilience, and plan for emerging risks and opportunities.
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2.8Climate risk assessmentDevelop a robust climate risk assessment and reporting framework that is aligned with national and international best practices. As climate change impacts intensify across Aotearoa, Council must understand and proactively manage climate-related risks to the district while identifying opportunities for adaptation and resilience.