The Organisation for Economic Co-operation and Development (OECD) works to advance social, economic, and environmental well-being across the world through policy, with 37 member countries, including the UK. The OECD has developed a high-level legal framework, which includes recommendations that are not binding but represent a political commitment to the principles they contain.
On the 8th November 2023, the Council adopted a recommended amendment, “Recommendation on Disaster Risk Financing Strategies”, to the Building Financial Resilience to Disaster Risks (2017). The recommendation covers four building blocks for managing the financial impacts of disaster risks, including (i) ensuring comprehensive risk assessment, (ii) supporting the effective management of financial impacts, (iii) effectively managing the impacts of disasters on public finances, and (iv) establishing strategies for managing the financial impacts of disasters based on a multi-hazard integrated approach.
Further reading: The 2022 report on the implementation of the OECD recommendation on disaster risk financing strategies.