Dear Secretary of State, Climate shocks – including increasingly severe and frequent droughts, heatwaves, storms and floods – are taking a disproportionate toll on people living in poverty, the majority of whom, an estimated two billion around the world, depend on smallholder farming.
Climate risk insurance is one important emerging tool to help build resilience to climate shocks amongst the most vulnerable communities. However, despite its life-changing potential, just a fraction of the people who would benefit from coverage are being reached.
As you know, the G7 Initiative on Climate Risk Insurance, InsuResilience, aims to expand both direct and indirect coverage against climate change-related hazards to an additional 400 million poor and vulnerable people by 2020. I was pleased to hear that the UK Government has so far committed £155 million towards the initiative and has shown political leadership on the issue of climate risk insurance, but believe that more must be done if we are to reach this goal.
In light of this, I would urge you to commit to the following at the World Humanitarian Summit this May:
The World Humanitarian Summit is intended to make our global humanitarian system fit for the future by shifting from reacting to shocks after they occur to preparedness and resilience-building before disasters strike. As such, it presents an important opportunity to shine a spotlight on the critical role microinsurance can play in protecting millions of farmers from the impacts of climate change. I hope you will capitalise on this moment by stepping up your support and encouraging other international partners in the G7 and beyond to join you.
SW8 1SJ London
+44 20 7793 email@example.com
Subscribe to our newsletter to receive all the latest news and information.