The minister of Finance and Economic Affairs, Mambury Njie, has addressed the VIII V20 Ministerial Dialogue designed to reduce the financial protection gap by protecting 500 million poor and vulnerable people. The full text of his speech appears below:
Distinguished V20 finance ministers,
Distinguished Ladies and Gentlemen
The IPCC report confirms that Africa is the most vulnerable by all metrics, and The Gambia is one of the continent's most vulnerable to the effects of climate change, owing to its low-lying topography.
To support climate action at such a scale and timeframe, we need international institutions to play an important role in fostering an internationally resourced and orderly transition to a climate resilient and low-carbon sustainable economy.
I am pleased to be representing the V20 as the Co-Chair in the InsuResilience Global Partnership with the goal to reducing the financial protection gap by protecting 500 million poor and vulnerable people.
This partnership can also support vital subsidization of premiums for promoting early-stage market growth for risk management and financing, and the creation of an adequately resourced and coordinated Global Shield.
It is important that we strive for a Global Shield as a centralized mechanism for adaptation and resilience can build domestic, regional and international markets in order to avert, minimize and address losses and damages.
We hope that our joint efforts with G7 and G20 can make us all better off because we can build a market to handle these risks and drive adaptation investment in a highly effective way and to encourage a system that delivers the objective of resilience to economies and climate justice to communities.
I thank you.