The African Union (AU) urged member states to ratify the African Risk Capacity Treaty to strengthen disaster risk management financing across the Continent.
Hosted by the AU Commission in Addis Ababa, the 13th Conference of Parties (COP) of Africa Risk Capacity (ARC) echoed the need for urgency in addressing rising disaster risk on the continent.
The conference has also encouraged AU member states, who have not ratified the African Risk Capacity Treaty to do so to strengthen disaster risk management financing across the Continent.
Ambassador Josefa Sacko, AU Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Development (DARBE), said, “I encourage non-signatory Member States to sign and ratify the ARC Treaty as soon as possible and become members of this innovative pan-African disaster risk financing mechanism and solution,”
The treaty helps to address timely responses to natural hazards and protecting the livelihoods of our most vulnerable populations. Pan-African solidarity in managing climate risks makes financial sense, the commissioner added.
Dr. Ibrahima Cheikh Diong, United Nations Assistant Secretary General and the Director General of the ARC Group, stated that by April 2023, only 11 countries had ratified the instrument, and 35 had signed it.
“It’s time for AU Member states to take ownership of disaster risk management financing and also reduce extreme reliance on donor funding”, he stated.
The ARC Group has worked in disaster risk management financing for ten years.The institution has recently developed flood products and rolled out tropical cyclone and drought financing instruments.
The Republics of Malawi, Madagascar and Mauritania shared their best practices in utilising ARC’s products.
Member states also shared their perspectives on challenges facing disaster risk financing on the Continent.
Participants agreed that the sustainability of ARC Ltd is a key concern given the entrance of new players in the disaster risk financing sphere. Member states also pointed out potential solutions to the underlying issues.
Source: Ethiopian News Agency