(BIVN) – Governor Josh Green on Thursday announced the creation of the Climate Advisory Team, or CAT, “dedicated to tackling the challenges of climate disasters and providing a comprehensive roadmap for the state’s strategy to mitigate the financial impact of climate change.”

From the Office of the Governor:

Under the leadership of Governor Green, the committee will play a crucial role in drafting comprehensive climate-resilience policy, drawing from diverse perspectives including Governor Green’s administration, climate science experts, business and financial experts, and legal professionals. The CAT is a testament to Hawai‘i’s commitment to maintaining stable housing and insurance markets as the risk of climate disasters grow over the next decade.

As one of its first projects, the CAT will recommend steps to create a durable fund to mitigate the impacts of dynamic climate change and to develop a fair and comprehensive structure to resolve claims related to future disasters. This is necessary to stabilize the insurance market and defray the financial burdens arising from the increased impacts of climate change. Engaging with key stakeholders, the CAT will:

1) work with third-party experts to model and analyze the risk of natural disasters and wildfires for Hawai‘i and to create an actuarial analysis to size any go-forward fund;

2) develop a customized go-forward fund structure and related claims settlement mechanics;

3) evaluate and determine sources of funding; and

4) issue a report and/or roadmap to the Governor outlining findings and suggestions, including potential legislation.

As Hawai‘i recovers from the devastating Maui wildfires, Governor Green emphasizes the importance of climate resilience efforts. The Governor reaffirmed his administration’s dedication to delivering a robust policy framework that prioritizes the well-being and security of residents while effectively managing state resources for a sustainable and resilient future.

The Governor also provided an update on his policy efforts, highlighting the state’s $10.4B FY25 budget and historic income tax reform. “It’s a historic moment for Hawaiʻi’s working families. The tax reform measures we will implement will bring immense relief to hardworking individuals and families,” said Governor Green. “This substantial reform will provide breathing room and allow families to allocate their hard-earned income towards other essential needs.”

Governor Green reiterated his pledge to ensuring that every individual enjoys access to safe and secure housing, a fair tax system, responsible budget, and a climate-resilient future. “I stand firm in my pledge for The Hawai‘i We Deserve. These are policies that lower the cost of living for our residents, make our taxes fairer, and commit ourselves to the climate-resilient future our state needs,” said Governor Green.