Risk transfer to protect emerging economy agriculture
Monday, 12 07 2015, Category: Nature, Country: World
The increased severity and frequency of extreme weather and climate-related disasters presents a grave threat to the important agricultural sectors of emerging economies, a trend that is likely to continue without adequate risk transfer solutions and improved disaster resilience efforts.
During the ten years spanning 2003 to 2013, 78 natural disasters occurred in developing regions of Africa, Asia-Pacific, the Caribbean, and Latin America, causing damages of roughly $30 billion to the regions agricultural sectors, according to a report released by the FAO around the United Nations Climate Change Conference (COP21) in Paris.
The report highlights that while the agricultural sector experienced roughly 14% of the physical damage from these events, in respect to all other sectors, agriculture and its subsectors account for nearly 30% of losses, which includes a decline in the output of crop, livestock, fisheries, and others.