UAE - Workshop on climate risks, opportunities for insurance

The Ministry of Climate Change and Environment (MOCCAE) and the Insurance Authority organized a virtual awareness workshop to explore climate-related opportunities and challenges for the insurance sector.

Themed ‘Studying the Insurance Sector’s Opportunities and Risks in Light of Climate Change Challenges’, the event drew the participation of 50 insurance companies and other relevant stakeholders for an in-depth discussion about the potential role of the insurance sector in minimizing the risks and maximizing the benefits amid the climate crisis.

Fahed Al Hammadi, Acting Assistant Undersecretary for the Green Development and Climate Change Sector at MOCCAE, said: "In line with its mandate, MOCCAE works relentlessly to create a unified federal platform for climate mitigation and adaptation efforts. Last year, the Ministry launched the National Climate Change Adaptation Program in collaboration with public and private sector stakeholders. The nationwide multisectoral initiative seeks to boost the UAE’s climate resilience through assessing the impacts of climate change on key sectors – energy, health, infrastructure, and the environment, identifying the risks that demand urgent action, and providing feasible solutions."

MOCCAE introduced attendees to the program to educate them about its goals, activities, outputs, and outcomes. The workshop, supported by the Global Green Growth Institute (GGGI), was one of the key milestones of the adaptation program focused on the insurance sector.


Source: Emirates News Agency