Urging The Department Of Land And Natural Resources To Research And Purchase Coral Reef Insurance To Protect The Reefs Of The State Of Hawaii.
If adopted, SCR149 would mobilize state resources to investigate the feasibility and mechanisms for acquiring coral reef insurance. This could represent a pioneering step in environmental policy within Hawaii, reflecting a growing awareness of the need for innovative approaches to mitigating climate change impacts. The resolution emphasizes the protective economic benefit of coral reefs and aims to prioritize their conservation through financial instruments.
SCR149 is a Senate Concurrent Resolution aimed at urging the Department of Land and Natural Resources of Hawaii to research and purchase insurance to protect the state's coral reefs. The bill highlights the increasing risks that Hawaii's coastal areas are facing due to climate change, including severe tropical storms, rising sea levels, and flooding. Coral reefs play a critical role in absorbing wave energy and protecting coastal properties, thus saving the state significant annual costs related to flood damage prevention.
Discussion surrounding SCR149 may involve debates over the allocation of state funds for insurance policies versus direct conservation efforts. While proponents argue that insuring the reefs is a necessary step in safeguarding Hawaii's natural infrastructure, opponents might question the long-term effectiveness of such measures compared to investing directly in restoration and conservation initiatives. The resolution also references existing insurance practices initiated by The Nature Conservancy, which may serve as a model for state action.