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Remarks by Dr. Akinwumi A. Adesina President, African Development Bank Group at the launch of the African Climate Risk Insurance Facility for Adaptation COP 28, UAE 2 December 2023

· Akinwumi Adesina, President of the African Development Bank Group (International)

Summary written by Dark Majestic in its own words · topics: climate, energy and nature, development and emerging economies

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· Akinwumi Adesina Wiki · African Development Bank Group WikiRemarks by Dr. Akinwumi A. Adesina President, African Development Bank Group at the launch of the African Climate Risk Insurance Facility for Adaptation COP 28, UAE 2 December 2023

ContextRemarks at COP28 in Dubai launching the African Climate Risk Insurance Facility for Adaptation; the African Development Bank finances Africa's development and helps countries insure against climate shocks.

Why it mattersCoverage against droughts, floods and pests remains rare for African growers; this facility targets that gap.

Problems raised
  1. African farmers face droughts, floods and pests.
  2. Climate insurance coverage is very low.
  3. Credit and price risks go uncovered.
Solutions proposed
  1. Launch a climate risk insurance facility.
  2. Design and scale climate insurance solutions.
  3. Cover production, credit and price risks.
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