Second year of global partnership between Sustainable Markets Initiative, Howden and Resilient Cities Network advances urban resilience in five new cities

London, 18 June – The Sustainable Markets Initiative, Howden and Resilient Cities Network (R-Cities), the world’s leading city-led network on urban resilience, have launched the second cohort of the Global Risk and Resilience Fellowship, in five cities around the world.  

The ambition of the Fellowship is to enable public-private collaboration by bringing together city leaders and private sector stakeholders from across industries, through the Sustainable Markets Initiative, to work on a specific urban resilience challenge. The ultimate aim is to develop solutions that can be implemented locally to effectively empower cities to build a safe, equitable, and sustainable future for all.

This year the Fellows will broadly focus on how insurance can derisk investment to reduce the cost of capital required to build adaptive infrastructure, and how innovative parametric insurance can be coupled with other tools to manage the increasingly severe climate shocks already faced by cities. 

Following the implementation of Fellowship projects in the first cohort of cities (Surat, Melaka, The Hague, Glasgow and Greater Miami and Beaches) in 2022, it was clear that the model of building relationships and collaboration between private and public sector professionals unlocks shared understanding that can drive practical action toward greater city resilience. 

The private sector, and more specifically the insurance market, is keenly aware of the mounting risks associated with the climate crisis. With the global urban population expected to double by 2050 cities, and their inhabitants, are at the forefront of the crisis. Through collective action, centered on targeted problem solving, the Fellowship harnesses the power of insurance and the wider private sector to deliver a more resilient future and co-create and finance solutions to the complex climate vulnerabilities faced by cities. 

Lauren Sorkin, Executive Director, Resilient Cities Network, said: “Effective communication between cities and the private sector is paramount. Without a shared vision and language regarding critical urban risks, scaling solutions in our polycrisis world becomes daunting. This year, we will be tackling challenges in the five new cities, prioritising communication and collaboration as fundamental pillars of urban resilience."

David Howden, Chief Executive Officer, Howden, and member of the Sustainable Markets Initiative Insurance Task Force, said: “We know some of the biggest climate-related challenges out there are being faced in our great cities. But, by bringing together some of the most talented people in our industry alongside city leaders, insurance experts, climate finance professionals and engineers, this Fellowship has formed the perfect template to build urban climate resilience. And following the success of last year’s group, I can’t wait to see what a difference our latest cohort is going to make right across the world. I wish them all the best of luck.”

John Neal, Lloyd’s CEO, and Chair of the Sustainable Markets Initiative Insurance Task Force, said: “The first cohort of the Global Risk and Resilience Fellowship was an excellent example of public-private sector collaboration. I’m pleased to see the fellowship return for its second cohort, focusing on derisking investment and helping our cities best prepare for impacts from climate shocks. Initiatives like these demonstrate the real value that comes from shared learning and joint action, encompassing the ambition of the Sustainable Markets Initiatives Insurance Task Force.”