Bill Text: HI SR145 | 2023 | Regular Session | Introduced

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Bill Title: Urging The Department Of Land And Natural Resources To Research And Purchase Coral Reef Insurance To Protect The Reefs Of The State Of Hawaii.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-03-15 - Referred to WTL. [SR145 Detail]

Download: Hawaii-2023-SR145-Introduced.html

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THE SENATE	S.R. NO.	145
THIRTY-SECOND LEGISLATURE, 2023
STATE OF HAWAII

SENATE RESOLUTION

 

 

urging the department of land and natural resources to research and purchase coral reef insurance to protect the reefs of the state of hawaii.

 

 

     WHEREAS, the State's coastal areas face mounting climate change-related risks, including exposure to increasingly severe tropical storms, high wave events, sea level rise, and flooding; and

 

     WHEREAS, the environmental resources and natural infrastructures of the State provide for the substantial mitigation of climate change risk, including damage to property and loss of life; and

 

     WHEREAS, a 2019 study prepared by the United States Geological Survey in cooperation with The Nature Conservancy and the University of California, Santa Cruz finds that healthy coral reefs absorb up to ninety-seven percent of wave energy, which protects coastal property and infrastructure from the destructive power of the sea; and

 

     WHEREAS, the same study estimates that Hawaii's coral reefs save the State $836,000,000 in annual costs by protecting coastal infrastructure and property from sea-originating flood; and

 

     WHEREAS, the consequences of climate change have left Hawaii's coral reefs increasingly vulnerable to damage and death, which, if left unchecked, will leave the State highly susceptible to the destructive and costly effects of climate change-related events; and

 

     WHEREAS, in November 2022, The Nature Conservancy purchased an insurance policy to cover wind-generated storm damage to the coral reefs surrounding Oahu, Molokai, Lanai, Maui, Kauai, and Hawaii islands through the December 2023 hurricane season; and

 

     WHEREAS, the policy is triggered at windspeeds of fifty knots, or fifty-six miles per hour, and can provide payouts up to a maximum of $2,000,000 to allow for rapid reef repair and restoration after damage is inflicted upon the reefs; and

 

     WHEREAS, The Nature Conservancy and Bank of America produced a reef insurance feasibility assessment in 2020 that finds reef insurance to be ecologically and economically feasible for the State in its ability to provide the financial assistance required to adequately repair reef damage after a severe tropical storm, hurricane, or natural disaster; and

 

     WHEREAS, the effects of climate change are becoming increasingly violent, and protecting coral reefs and coastal land will require innovative and creative policies; now, therefore,

 

     BE IT RESOLVED by the Senate of the Thirty-second Legislature of the State of Hawaii, Regular Session of 2023, that the Department of Land and Natural Resources is urged to research and purchase an insurance policy to protect the coral reefs of the State of Hawaii; 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, and Director of Finance.

 

 

 

	OFFERED BY:	_____________________________

Report Title: 

Coral Reefs; Reef Insurance; The Nature Conservancy; Insurance Policy; Natural Infrastructure; Wind-Generated Storm Damage; Climate Change; Mitigation; Continuation;