WHAT: COP 28 side event: The Africa Climate Risk Insurance Facility for Adaptation (ACRIFA)- De-risking investments in climate change adaptation through insurance
WHO: The African Development Bank
WHEN: Saturday, 2nd December 2023 | 09:00 -10:30 am Dubai Time (GMT+4)
WHERE: Expo City Dubai, Africa Pavilion (Blue Zone, Building 70)
The African Development Bank will host a side event to showcase the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) at the 2023 United Nations Climate Change Conference (COP28) on the 2nd of December 2023.
The Africa Climate Risk Insurance Facility for Adaptation is an innovative and ambitious financing facility that aims to develop and leverage the unique capabilities of the insurance sector to de-risk private sector investment across the climate-sensitive agri-food value chains, and effectively manage the climate and disaster risks faced by African countries, businesses, and communities.
The facility aims to raise an initial $1 billion to mobilise concessionary high-risk capital and grants to catalyze the development and uptake of targeted climate insurance solutions.
Building on from the successful unveiling of the ACRIFA at the Africa Climate Summit in September 2023 in Nairobi, this event will:
Convene critical stakeholders for a focused dialogue seeking to accelerate resource mobilization for ACRIFA and update partners on progress made since its unveiling at the Africa Climate Summit.
Highlight the collaborative efforts of ACRIFA's key strategic partners, who recognise and increasingly support climate insurance as a fundamental tool for adaptation finance, and who are partnering around ACRIFA to expedite the expansion of bespoke climate insurance solutions.
Showcase a sample of ACRIFA-aligned pipeline investments presented by anchor partners to bolster targeted resource mobilization efforts towards the implementation of the Facility.
The event will include keynote speeches from prominent climate financiers, a strategic climate adaptation leadership dialogue and an interactive high-level panel discussion featuring the insurance industry and value chain investors. Speakers will include:
Dr Akinwumi Adesina, President, African Development Bank Group
Cindy McCain, Executive Director, World Food Program
Mafalda Duarte, Executive Director, Green Climate Fund
Ibrahima Diong, UN Assistant Secretary-General and Director General of the African Risk Capacity Group
Hope Murera, Managing Director and CEO of Zep-Re; Board member of ACRE Africa
Hassan Bashir, Founder, Takaful Insurance of Africa Group. Senior advisor, ACRIFA
Grace Muradzikwa, Commissioner of the Insurance and Pensions Commission, Zimbabwe
Eric Andersen, President, Aon
Michelle Kagari, Head of Government Relations, One Acre Fund
Kate Kallot, CEO Amini AI
Dr Mahmoud Mohieldin, COP27 UN Climate Change High-Level Champion
Dr Beth Dunford, Vice President for Agriculture, Human and Social Development, African Development Bank Group
The African Agri-food system is critically constrained by an insurance protection gap of about 97% for smallholder farmers, and the potential for climate insurance to unlock over $100 billion required in annual financing for agri-businesses is immense yet largely untapped. Insurance solutions, particularly when designed to protect and stimulate investment in agriculture, can help advance Africa's climate adaptation agenda and provide a safety net for communities, businesses and governments, enabling them to bounce back faster in the wake of climate-induced events.
By profiling the Africa Climate Risk Insurance Facility for Adaptation, the African Development Bank is advocating for insurance to de-risk investments in climate change adaptation. Improved climate risk insurance coverage safeguards producers' livelihoods and promotes the development of more resilient agricultural value chains.
Media contact:
Jean-Frederic Legare Tremblay, Communication and External Relations | [email protected]
