Africa-Asia Conclave on Loss and Damage due to Climate Change: Instituting a Global Agricultural Insurance Programme as a Risk Sharing and Transfer Mechanism for Developing Countries | Centre for Science and Environment
Loss and damage is one of the main components of the Paris Agreement. At the next Conference of Parties (CoP 22) at Marrakesh, there would be a review of the two-year work plan of the Executive Committee (ExCom) under loss and damage and a five-year plan would be devised further.
The Centre for Science and Environment (CSE) believes that since climate risks are faced disproportionately by the poor Asian and African countries which lack capability to reduce risk or cope with them, the importance of tools like agricultural insurance meant for sharing and transferring the risks are significant and therefore must receive greater attention globally. Hence a global agricultural insurance mechanism is necessary to address agricultural issues in the developing countries.
The Conclave seeks to get a better understanding on the issue of agricultural insurance and risk financing in the African and Asian countries and understand the underneath issues and challenges involved. It also intends to examine the feasibility of a global agricultural insurance mechanism as an integral part of the loss and damage mechanism under the United Nations Framework Convention on Climate Change (UNFCCC).
The Conclave will bring together experts and officials from the ministry, insurance industry and civil society members from fifteen African and South Asian countries which include Bangladesh, Ethiopia, Ghana, India, Kenya, Malawi, Mali, Mozambique, Myanmar, Nepal, Nigeria, Rwanda, South Africa, Sri Lanka and Tanzania.