COP27: African facility launched with $14bn to cover climate risks
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COP27: African facility launched with $14bn to cover climate risks

africa_map_cop_27_2022.png
Photo: UNFCCC

An international group of insurance and finance firms convened in Kenya has launched the Africa Climate Risk Facility, with a commitment to underwrite $14bn of cover to protect 1.4 billion people against climate disasters by 2030.

The Nairobi Declaration on Sustainable Insurance, which secured more than 85 signatories including insurance firms to provide the cover, launched the facility at the COP27 conference with an aim to scale underwriting for coverage against floods, droughts and tropical...

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