Rabat — Leila Benali, Morocco’s Minister of Energy Transition and Sustainable Development, spoke about the essential role of climate insurance in disaster prevention during a COP29 side event held on Thursday in Baku.
Speaking at the World Bank pavilion —organized in partnership with the IMF and the Financial Times — Benali addressed the pressing need to make climate insurance more accessible, especially for communities most vulnerable to climate risks.
“Climate-related insurance will soon be unaffordable, even for the middle class,” Benali warned, highlighting the urgent necessity of expanding insurance coverage to effectively manage the financial impacts of climate disasters. Her remarks underscored the broader importance of proactive measures to safeguard communities and ease the economic burden of climate-related events.
Reflecting on Morocco’s own experience, Benali cited the nation’s resilience and response following the 2023 earthquake, particularly its efficient system for compensating affected populations.
The devastating Al Haouz earthquake had a significant affect on Moroccan citizens’ sense of nations’ preparedness.
The World Risk Poll, a biennial survey examining global resilience and risk perception, recently noted that Morocco’s experience with this seismic event was a critical factor in altering national resilience levels.
The report said that in 2021, only 23% of Moroccans reported experiencing any disaster within the past five years, with most citing floods, droughts, or wildfires.
However, in 2023, following the earthquake, 59% of respondents reported experiencing a disaster—87% of whom mentioned the earthquake specifically. This shift reflects the shock effect of natural disasters, which are expected to rise in frequency as global warming continues to rise.
The minister pointed to Morocco’s Solidarity Fund Against Catastrophic Events, which now is more important than ever, describing it as a crucial framework for addressing disaster impacts and supporting national recovery.
COP29, which is being held from November 11 to 22 under the United Nations Framework Convention on Climate Change (UNFCCC), is placing a strong emphasis this year on climate finance. Other key objectives include prioritizing support for all countries in reducing greenhouse gas emissions and enhancing protections for lives and livelihoods.
The discussions are especially focused on building resilience for vulnerable communities as they face the worsening effects of climate change.
