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WBG Announces Ambitious 35% Finance Target to Support Countries’ Climate Action

WBG Announces Ambitious 35% Finance Target to Support Countries’ Climate Action

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On Dec 9, 2020, the World Bank Group announced an ambitious target for 35% of its financing to have climate co-benefits, on average, over the next five years. It replaces an earlier target of reaching 28% by 2020, which was in place over the last 5 years. The World Bank – IBRD and IDA – will also seek to ensure that 50% of this financing supports adaptation and resilience. These are two of several announcements about the Bank Group’s commitment to helping developing countries address climate change and adapt to its mounting impacts. Read more. World Bank Group President David Malpass will
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From Innovation to Learning: Creating Climate and Disaster Risk Finance and Insurance (CDRFI) Evidence Roadmap

From Innovation to Learning: Creating Climate and Disaster Risk Finance and Insurance (CDRFI) Evidence Roadmap

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There is growing awareness of the need for rigorous climate and disaster risk finance and insurance (CDRFI) evidence. MCII is shepherding a process to development an evidence roadmap to generate strategic analytics, promote evidence-based action, and develop (and share) best practice. This process kicked off at a virtual workshop, hosted by the Munich Climate Insurance Initiative (MCII) in partnership with the InsuResilience Global Partnership, from 8-11 September, 2020. The workshop was based on a series of evidence briefs, drafted by experts and capturing the state of knowledge in a variety
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Climate Risk Insurance in the Caribbean: 20 Lessons Learned from the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) Project

Climate Risk Insurance in the Caribbean: 20 Lessons Learned from the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) Project

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The Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) was one of the first projects of its kind in the Caribbean region and was designed as a project focused on learning and continuous improvement. The CRAIC project consortium aimed to capture the lessons learned during implementation, build on best practices, and—when required—take corrective action along the way. The lessons learned by the CRAIC implementers are applicable to other small island and coastal states that have an interest in developing and implementing similar microinsurance schemes to support vulnerable populations
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Farmer Community Outreach

Farmer Community Outreach

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Country:
Bangladesh
Agriculture is a source of employment for nearly 50% of adult population in Bangladesh contributing to 13% of GDP in 2019. The country is highly exposed to climate change risks: cyclones, floods, droughts and saltwater inundation due to tidal surges. Notably, the 2007 Cyclone Sidr caused $18 million loss in livestock and over $415 million in crop production . Farmers in Tangail suffered millions of losses from Gopalganj flood this year. According to a WBG study , high water stress due to rising temperatures will affect the yield of Aman and Boro rice, the country’s two major staple crops, with
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Crop Insurance in Songs and Stories - "Grandpa, don't worry anymore. Weather index-based crop insurance has come to our door."

Agriculture is a source of employment for nearly 50% of adult population in Bangladesh contributing to 13% of GDP in 2019. The country is highly exposed to climate change risks: cyclones, floods, droughts and saltwater inundation due to tidal surges. Notably, the 2007 Cyclone Sidr caused $18 million loss in livestock and over $415 million in crop production . Farmers in Tangail suffered millions of losses from Gopalganj flood this year. According to a WBG study , high water stress due to rising temperatures will affect the yield of Aman and Boro rice, the country’s two major staple crops, with
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GIIF Newsletter - October 2020

GIIF Newsletter - October 2020

GIIF October Newsletter features team news, blogs, highlights, interviews and climate insurance publications.
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GIIF in Mozambique: Advancing Agriculture Insurance with Hollard Mozambique

GIIF in Mozambique: Advancing Agriculture Insurance with Hollard Mozambique

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Mozambique is primarily an agricultural economy with more than 75% of the population engaged in rainfall-dependent farming, the majority of whom are smallholder farmers ( USAID, 2018). While agriculture contributes to 25% of the country’s GDP, due to Mozambique’s unique location and geography, it is subject to various climate risks such as drought in the southern part of the country, cyclones in the coastal areas and flooding during the rainy reason ( IGC, 2019). Most of the smallholder producers have been perilously unprotected against climate change-induced crop failures. GIIF’s engagement
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GIIF's Interview with Dr. Marcel Van Asseldonk, Senior Scientist of Wageningen Economic Research
29
Oct

GIIF's Interview with Dr. Marcel Van Asseldonk, Senior Scientist of Wageningen Economic Research

Since its inception in 2010, GIIF has been focusing on using innovation to protect excluded or underserved population in the rural areas particularly smallholder farmers through developing a sustainable insurance sector in the nascent market. The primary risk solutions are centered on index-based agriculture insurance to safeguard livelihoods of smallholder households against weather volatilities and climate shocks. GIIF Program has been focusing on two entry barriers: regulatory constraints and lack of institutional capacity of local/regional (re)insurance companies. GIIF’s implementing
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Improving the Agriculture Sector in DRC
26
Oct

Improving the Agriculture Sector in DRC

While re-emerging from years of conflict and instability, Democratic Republic of the Congo (DRC) is still a fragile economy. Despite DRC’s abundant natural resources and a recent growth rate of 5.8 percent in 2018 (after a fifteen-year low at 2.4 percent in 2016) [1], economic and social development remain limited, with widespread poverty. Regarding the insurance industry, the sector has very low penetration compared to regional levels. In addition, certain categories of insurance products, such as agriculture insurance, are not yet available in the country. Although agriculture contributes 20
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Mooofarm: Mobile Application for Improving the Lives and Livelihoods of Dairy Farmers

MoooFarm is an award-winning start-up building a connected commerce platform to lift India’s 100 million dairy farmers out of poverty and ensure nutritious milk for over a billion people. Through its mobile application farmers can connect with qualified veterinarians, buy & sell cattle, order farm inputs, access financial services, manage their farm & cattle and engage with subject matter experts to make dairy profitable. MoooFarm was awarded under the Data & Analytics category in the GIIF Agriculture Insurtech Challenge 2019. Watch the interivew video here.
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