Together We Stand

[ 139 ] African Risk Capacity: an African-led strategy for managing natural disasters Dr Ngozi Okonjo-Iweala, Chair, African Risk Capacity Agency Governing Board; and Dr Lars Thunell, Chairman, African Risk Capacity Insurance Company Board of Directors A frica is widely recognized to be the regionmost vulner- able to weather risks. Weather-related and other natural disasters are already undermining growth across the continent, threatening hard-won economic gains and vulnerable populations’ lives and livelihoods; increasing climate volatility can only exacerbate this impact. In the near term a large number of African states will continue to need international support to respond to the next recurrent and predictable disaster — the next drought, flood or cyclone — and these needs will continue to absorb significant inter- national resources through the United Nations humanitarian appeals system. However, at a time when the humanitarian funding gap continues to widen, an alternative path is being taken. A rapidly expanding group of African states are doing things differently when it comes to managing their weather risk, creating momentum towards a critical paradigm shift in the humanitarian landscape to rapid, cost-effective and coun- try-driven response to natural disasters across the continent. African Risk Capacity (ARC) is a ground-breaking risk management and resilience-building platform that provides financial tools and infrastructure to help African Union (AU) member states manage natural disaster risk and adapt to climate change. ARC’s aim is to improve the way predictable natural disasters are responded to on the continent by reducing the time it takes for assistance to reach those affected through early, local response. ARC achieves this by bringing together three critical elements that create a powerful value proposi- tion for its participants: early warning, contingency planning and risk financing. Together this package provides govern- Image: WFP/Rein Skullerud Women recovering abandoned land that is suitable for farming T ogether W e S tand