Shifting Africa’s climate change disaster risk architecture before COP26 and beyond
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All eyes are on the existential crisis posed by climate change as the United Nations Framework Convention on Climate Change (UNFCCC COP26) approaches, with many warning that lessons for dealing with climate change threats must be learned from how Africa has handled the current COVID crisis. Resilience in Africa to these climate change impacts can only be built with the assistance of developed countries and these have a vested long-term interest in providing this support, says Ange Chitate, COO African Risk Capacity Limited.
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“There’s a responsibility for G7 countries to support Africa in managing the impact of climate change by, for example, providing sovereigns with parametric insurance premium finance to help them respond swiftly and decisively to crises fuelled by climate change on the continent,” says Delphine Traoré, ARC Limited Non-Executive Director.
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“When dealing with risk mitigation and management, one needs to examine the reason why governments don’t act. On the insurance side, one of the issues to address is around premium affordability because it’s quite expensive to insure against natural disasters and payment of premium competes against other national priorities,” explains Chitate.
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