Ms. Ellen Yong, Chief Operating and Financial Officer, representing the SEADRIF Insurance Company, attended the “Making Climate Finance Work for Agri-food Systems” event organized by The Food and Agriculture Organization of the United Nations (FAO) in Phnom Penh, Cambodia, on 25-27 March 2024.
A new report by FAO has highlighted that in 2021, climate-related development finance contributions towards agrifood systems declined by USD 19 billion or 12 percent compared to 2020. Asia was the region most affected by this decline, dropping by 44 percent compared to 2020.
This highly engaging event included discussions, group exercises, and presentations with diverse stakeholders from the Asia Pacific, including governments, the private sector, financial institutions, and representatives from farmers and youth across the agrifood systems, to discuss the strategies and investment vehicles required to make climate finance work.
During one of the deep-dive sessions, Ellen introduced SEADRIF as a members-owned sovereign risk pool. She delved into the discussion on how national and local governments or non-state actors can play a pivotal role in providing a safety net and livelihood protection to subsistence farmers against catastrophic events through insurance-backed programs.
Countries must work together to accelerate the transformation of agrifood systems amidst climate change through the preparation and development of investable pipeline projects. We see this as a strategic opportunity to engage with potential partners and become part of a network of countries and institutions working on these topics in the future.