Discussions at COP29 are particularly focused on strengthening the resilience of vulnerable communities to the increasingly severe effects of climate change. Morocco calls for climate insurance.
During an event organized on the sidelines of COP29 in Baku, Leila Benali, Moroccan Minister of Energy Transition and Sustainable Development, highlighted the crucial role of climate insurance in disaster prevention. Speaking at the World Bank pavilion, in partnership with the IMF and the Financial Times, she stressed the urgency of making this mechanism more accessible, particularly for communities most vulnerable to climate risks.
« Climate-related insurance risks quickly becoming unaffordable, even for the middle classes “, warned Ms. Benali, emphasizing the need to expand coverage to mitigate the growing financial impacts of environmental disasters. She also called for a proactive approach aimed at protecting populations and alleviating the heavy economic consequences of climate events.
Basing her intervention on the Moroccan example, the minister spoke of the resilience demonstrated by the country following the 2023 earthquake, in particular thanks to its effective system of compensation for victims. The devastating Al Haouz earthquake had a profound impact on Moroccans’ perceptions of nations’ preparedness for natural disasters.
According to the World Risk Poll, a biennial survey on global resilience and risk perception, the Moroccan experience was decisive in the evolution of this perception. In 2021, only 23% of Moroccans surveyed said they had been affected by a disaster in the previous five years, mainly citing floods, droughts or forest fires. In contrast, in 2023, after the Al Haouz earthquake, this figure increased to 59%, with 87% of respondents specifically identifying the earthquake as the significant event. This development highlights the shock effect of natural disasters, the frequency of which is expected to increase under the effect of global warming.
Ms. Benali also highlighted the strategic role of the Moroccan Solidarity Fund against Catastrophic Events, which she described as an essential pillar for coping with the impacts of disasters and supporting national reconstruction.
COP29, which takes place from November 11 to 22 as part of the United Nations Framework Convention on Climate Change (UNFCCC), this year places emphasis on financing climate actions. Among its objectives are reducing greenhouse gas emissions, building resilience and protecting lives and livelihoods amid a growing climate emergency.
MK/SF/te/APA
