A group of over 85 insurers in Africa has pledged to create a financing facility to provide $14 billion of cover to help the continent's most vulnerable communities deal with climate disaster risks such as floods and droughts.
The commitment to create the African Climate Risk Facility was made on Wednesday during the COP27 climate talks comes as developing countriesDemand for compensation for thecaused by global warming has long been rejected by wealthy countries, whose leaders are wary of accepting liability for the emissions driving climate change.
Against that backdrop, the African insurance plan is based around creating a scalable, local market-based funding tool to help countries better manage the financial risk of climate shocks and increase the resilience of its more vulnerable communities, the group said in a statement. "We have a massive risk gap in Africa and existing solutions aren't working," Massingham said. FSD Africa is a UK government-backed development group.
The group is calling for $900 million in funding from development partners and philanthropies to support the project, much of which will go towards providing a subsidy on the cost of the premium to help governments and cities with limited fiscal resources buy the cover."The facility will enable us to cover certain risks like floods, cyclones and droughts...
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