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Opinion: African Countries Turn To Insurance To Safeguard Against Climate Change

Opinion: African Countries Turn To Insurance To Safeguard Against Climate Change

http://www.cop21paris.org/By Ngozi Okonjo-Iweala abd Lars Thunell | From The Guardian

When world leaders gather for critical climate negotiations in Paris later this year, they must not overlook the major injustice that means Africa – responsible for only a tiny proportion of global greenhouse gas emissions (pdf) – will suffer disproportionately from rising temperatures.

The most vulnerable populations with the least capacity to cope will shoulder the burden.

Across the continent, the agricultural sector still employs about 65% of the labour force, and most of the rural poor. The majority are dependent on rain-fed agriculture and rangeland, which are subject to the vagaries of the weather. So an increase in the frequency or severity of extreme weather events driven by climate change will result in increased risk of hunger and malnutrition in Africa’s most vulnerable populations.

At the moment, the system for responding to natural disasters is not as timely or equitable as it could be. Funding is secured on a largely ad hoc basis after disaster strikes: only then can relief be mobilised toward the people who need it most. In the meantime, lives are lost, assets are depleted and development gains reversed – forcing more people into chronic hunger, malnutrition and destitution. While developed countries use sophisticated risk-management systems, Africa relies on cost-ineffective charity for each disaster.

However, the continent is taking charge and breaking out of this cycle. We now have data about the adverse effects of weather shocks, the cost savings of well-timed responses, early warning technology, and basic social protection systems in many countries.

Together with modern financial tools, we are transferring the burden of climate risk away from governments – and the farmers and pastoralists they protect – to the international financial markets that can handle the risk much better.

Read more at The Guardian