Climate risk too big for Govt alone - Shafudah

Minister of finance Ericah Shafudah has urged public-private partnerships to address climate risks and strengthen Africa’s financial autonomy.

Speaking at Namibre’s 25th CEO anniversary summit at Swakopmund yesterday, she said partnerships are needed among the private sector, government regulators and international partners.

“I am encouraged by the sustainability that is part of Namibre’s strategy. The cooperation is a signatory to the United Nations’ EP finance initiative principles for sustainable insurance and a founding signatory to the Nairobi declaration on sustainable insurable,” she said.

She said Africa faces a substantial development financial deficit, which has intensified as international development finance declines, a reality Namibia knows as a middle-income country.

“It is critical that Africa strengthens reassurance capacity to be a source of financing for some of the losses caused by natural phenomena,” she said.

This, however, requires initiative and innovative approaches so that costs are shared, she said.