Bill Text: HI SR124 | 2021 | Regular Session | Introduced
Bill Title: Urging The Department Of Land And Natural Resources To Examine And Consider Reef Insurance To Support Nature-based Solutions To Protect Hawaii's Coastlines And Coastal Infrastructure From Natural Disasters.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Introduced - Dead) 2021-03-16 - Referred to WTL/AEN. [SR124 Detail]
Download: Hawaii-2021-SR124-Introduced.html
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THE SENATE |
S.R. NO. |
124 |
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THIRTY-FIRST LEGISLATURE, 2021 |
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STATE OF HAWAII |
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SENATE RESOLUTION
urging the department of land and natural resources to examine and consider reef insurance to support nature-based solutions to protect hawaii's coastlines and coastal infrastructure from natural disasters.
WHEREAS, the State has environmental resources such as coral reefs, wetlands, forests, and other natural infrastructure that, if healthy, effectively managed, and functioning, can help mitigate the risks and related loss and damage from the effects of climate change and natural disasters; and
WHEREAS, Hawaii's coastal areas and infrastructure are facing exposure to climate change-related risks and disaster events, including exposure to storms, high wave events, sea level rise, and flooding; and
WHEREAS, climate scientists and other local and global experts predict an increase in severity and frequency in such events; and
WHEREAS, a study by a team from the United States Geological Survey, The Nature Conservancy, and University of California at Santa Cruz estimates that Hawaii's coral reefs protect $836,000,000 worth of coastal infrastructure from flooding annually; and
WHEREAS, in addition to coastal protection, Hawaii's nearshore coral reefs provide residents with income from fishing estimated at $13,400,000 annually, of which $10,000,000 is non‑commercial catch; and
WHEREAS, Hawaii's coral reefs also provide reef-related tourism estimated at $1,230,000,000 annually; and
WHEREAS, Hawaii's coral reefs also provide food security, recreational opportunities, and a cultural connection to the State; and
WHEREAS, over ten million visitors traveled to Hawaii in 2019 to experience the beauty of the State's beaches, reefs, oceans, and other natural resources, and in doing so, contributed nearly $17,000,000,000 to the State's economy; and
WHEREAS, the health and sustainability of the State's communities and economy are closely intertwined with the health of the State's coral reefs and coastal ecosystems; and
WHEREAS, the health and function of Hawaii's coral reefs are threatened by global stressors related to climate change, including sea level rise, coral bleaching, and acidification; and by local stressors from land-based sources of pollution, unsustainable fishing practices, and invasive species; and
WHEREAS, live coral cover has declined by as much as forty percent, and reef fish abundance has declined by up to ninety percent in some areas; and
WHEREAS, Hawaii has experienced three coral bleaching events in the past five years, including the first statewide mass bleaching event in 2015; and
WHEREAS, coastal risks are expected to increase in the future from the effects of climate change, including an increase in the number and severity of hurricanes, higher levels of rainfall in fewer storm events, increasing sea surface temperatures, and increased ocean acidification that negatively impacts coral reefs, lobsters, oysters, and other calcifying organisms; and
WHEREAS, global losses due to natural catastrophes and tropical hurricanes have been increasing in recent decades, and these storms impact national and local economic productivity, threaten water and food security, increase diseases, damage critical public infrastructure, and impede basic services; and
WHEREAS, the exposure of communities and coastal assets to flooding and erosion is also increasing because coastal ecosystems that serve as the first line of defense, such as wetlands and coral reefs, are being lost at alarming rates; and
WHEREAS, in 2018, the Mexican state government of Quintana Roo partnered with the local hotel owners' association, The Nature Conservancy, and a local marine park to establish a Coastal Zone Management Trust Fund to manage and restore beaches and coral reefs, which was funded in part through local tourism taxes; and
WHEREAS, in mid-2019, the Coastal Zone Management Trust Fund purchased the world's first reef insurance policy, which will provide funds to quickly restore the coral reef if damaged in a hurricane; and
WHEREAS, the insurance covers damage to the reef rather than damage to the private property on the coastline, thus insuring nature itself; and
WHEREAS, in 2020, Mexico's reef insurance policy paid out $850,000 to repair the reef that was impacted by Hurricane Delta; and
WHEREAS, The Nature Conservancy completed a feasibility assessment in 2020, finding that reef insurance is ecologically and economically feasible in the State and could help Hawaii repair its reefs after a natural disaster; and
WHEREAS, the feasibility assessment identified hurricanes, marine heatwaves, and excessive storm runoff as potentially insurable natural disasters; now, therefore,
BE IT RESOLVED by the Senate of the Thirty-first Legislature of the State of Hawaii, Regular Session of 2021, that the Department of Land and Natural Resources is urged to examine and consider reef insurance to support nature-based solutions to protect Hawaii's coastlines and coastal infrastructure from natural disasters; and
BE IT FURTHER RESOLVED that in its examination, the Department of Land and Natural Resources is requested to work in collaboration with the State Insurance Commissioner and other appropriate state and county agencies, The Nature Conservancy, insurance experts, and other experts and partners to develop a report that includes:
(1) Term sheets for a new Hawaii reef insurance policy for natural disasters;
(2) Priority sites for insurance;
(3) Possible buyers and sellers of reef insurance; and
(4) Recommended funding mechanisms to cover insurance premium costs; and
BE IT FURTHER RESOLVED that the Department of Land and Natural Resources is requested to identify and propose to the Legislature specific nature-based projects that can help protect the State's coastal infrastructure from inundation, including the use of insurance and other market mechanisms that incentivize public and private investment to protect the health and function of reefs and other coastal systems and to restore them after a natural disaster; and
BE IT FURTHER RESOLVED that the Department of Land and Natural Resources is requested to submit a report of its findings and recommendations, including any proposed legislation, to the Legislature no later than twenty days prior to the convening of the Regular Session of 2022; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to the Governor, Chairperson of the Board of Land and Natural Resources, Chairs of the Hawaii Climate Change Mitigation and Adaptation Commission, State Insurance Commissioner, Mayor of the City and County of Honolulu, Mayor of the County of Hawaii, Mayor of the County of Maui, Mayor of the County of Kauai, and Executive Director of The Nature Conservancy Hawaii.
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OFFERED BY: |
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Reef Insurance; Department of Land and Natural Resources; Coastlines; Natural Disasters
