The African Risk Capacity (ARC) Group and the Global Center on Adaptation (GCA) have signed a Memorandum of Understanding (MoU) to build climate resilience in the agriculture sector by facilitating investments in risk management into government planning and high-level advocacy.
This will be supported by a joint assessment of the landscape for developing risk transfer instruments and other innovative instruments to enhance African countries participation in ARC Disaster Risk Pools. Under the MoU signed by the heads of both institutions, the parties will jointly engage in high-level advocacy and the facilitation of dialogues to ensure their stakeholders can access the best disaster risk financing practice and instruments as part of their overall climate adaptation strategies.
The CEO of GCA, Patrick Verkooijen, who noted the need for such collaboration in mobilising new sources of finance for adaptation said “There is a five-to-tenfold gap between the financial resources currently devoted to climate adaptation and the adaptation needs in developing countries.
“More private-sector investment and new financial instruments are needed to help vulnerable communities withstand accelerating climate impacts…”
Also speaking Director-General of the ARC Group, UN-ASG, Ibrahima Cheikh Diong, said “Achieving climate resilience in Africa demands smart partnerships and purposeful alignment among like-minded agencies;, we are confident that the collaboration with GCA will be a strong enabler to ensuring that we maintain a solution-oriented approach in assisting our members with the innovative tools, capacity building, and financial resources they need for an anticipatory response to natural disaster risks”.