The Local Government Initiative on Climate Change (LoGIC) Project, a joint initiative by the United Nations Development Programme (UNDP) and the United Nations Capital Development Fund (UNCDF), implemented by the Government of Bangladesh (GoB) hosted the Climate Adaptive Livelihood Risk Insurance Consultation Workshop on January 28, 2024, at IDB Bhaban.
This consultation workshop aimed to understand climate-adaptive livelihood risk insurance, evaluate possible measures and challenges, identify relevant risk insurance products to protect from residual risk for vulnerable communities and recognize the initiatives required to integrate cooperatives with adaptive livelihoods.
The primary objective of LoGIC project is to improve and implement inclusive local-level planning and strengthen financing mechanisms for community-based climate change adaptation solutions through local governments. As part of this initiative the Climate Resilience Fund (CRF), has been directly channeled to climate-vulnerable households to kickstart the implementation of climate-adaptive livelihoods. Despite making significant strides in reaching vulnerable communities, the project recognizes the need for additional measures to ensure the adaptive capacity of the community. Hence, the project is considering risk insurance coverage as an additional measure to cover livelihoods impacted by climate change.
The project has already covered 35,000 beneficiaries, allocating approximately 12.47 million USD under the CRF financial mechanism now the project is adding the risk insurance component for climate-vulnerable communities, ensuring their continued livelihoods.
Key participants in the workshop included representatives from the Insurance Development and Regulatory Authority (IDRA), NGO actors, Bangladesh Bank, Insurance Companies (Non-Life), NGOs, development partners, project officials, UNDP country office experts, and other stakeholders committed to advancing climate resilience in Bangladesh who shared their experience and valuable opinion which will be incorporated in piloting the climate adaptive risk insurance.
