Fight against Climate Disasters in Africa: Germany Announces €18m Support
COP26 started on October 31 and there are already interim results for climate insurance. The German government announced yesterday at the Conference about the provision of support for African countries in the amount of 18 million euros. This money will be used to prepare African countries for natural disasters – droughts and tropical cyclones – and everyone can buy climate-related insurance.
Such insurance is a recent innovation by the African Union. The old approach was too slow and unpredictable, and buying insurance allows for quick payouts for people affected by natural disasters. It will also help prevent an escalation of humanitarian needs, while simultaneously saving lives, protecting livelihoods and assets, and development gains will be maintained.
Due to the rapid climate change, the African continent expects more frequent and severe weather events. Therefore, German support is needed to promote effective risk management and help protect the poorest and most vulnerable people across the whole continent.