By Khalifa Hemed
Published March 19, 2023
Delphine Traoré, Chief Executive Officer for insurance company Allianz Africa, has called for greater involvement of business and civil society with Government in tackling challenges plaguing Least Developed Countries most of which are in Africa.
Speaking alongside Simon Stiell, Executive Secretary of United Nations Framework Convention on Climate Change (UNFCCC UN) and other high-level speakers during the 5th United Nations Conference on Least Developed Countries (LDC5) aimed at promoting the Sustainable Development Goals (SDGs) in Least Developed Countries (LDC), Delphine Traoré advocated for more private sector involvement.
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Though “33 of the 46 Least Developed Countries are in Africa,” Traoré observed, “we don’t always see them in the decision making which ultimately impacts them. They are missing from the conversation. Do we know what they need? What is happening on the ground? Adaptation is a daily challenge and the Allianz Africa partnership with the UNDP is a great example of collaboration bringing to the table the countries in Africa impacted by climate change. The UNDP is on the ground, working closely with government then pulling in the private sector and other institutions for climate adaptation in the Least developed countries. This is how we should all work together when it comes to climate adaptation in the countries most affected.”
During the summit held in Doha, Qatar, March 6-7, Traoré stressed that despite vast potential of LDCs, they are also ‘impacted by numerous factors, including the impact of climate change… it is crucial to identify solutions to achieve these SDGs by 2030’.
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Africa, she noted, possesses around 60% of the world’s arable land, has the potential to nourish its population as well as the rest of the world if adequate measures are implemented to assist farmers. This necessitates the involvement of governments, supported by businesses, non-governmental organizations (NGOs) and international financial institutions, to confront major challenges, such as those arising from climate risks. In a comparatively more vulnerable continent, these risks are increasingly having catastrophic consequences.
Africa is highly vulnerable to natural disasters resulting from climate change, with estimated economic costs ranging from US$7 Billion to US$15 Billion annually since 2020.By 2030, this could amount to 7% of African GDP, or US$50 Billion per year, a significant loss for a population that produce only 3.8% of global greenhouse gas emissions.
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Faced with alarming data and the risks they predict, Traoré called for more private sector involvement. She said that Allianz, the insurance business she heads, has taken initiatives to support governments and development institutions in making insurance more accessible to populations: the InsuResilience project by Allianz, she said, is a concrete example.
Launched in partnership with the Government of Ghana, Insurance Development Fund, UNDP, and other development organizations, InsuResilience aims to address the risk of major floods in the country by enhancing the country’s ability to respond to natural disasters. The project’s main objective is to support 118,000 vulnerable urban households in Greater Accra.
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