LDC 5th UN Conference: Experts advocate for greater private sector engagement in achieving sustainable solutions for Africa's prosperity

Despite their vast potential, these countries are impacted by numerous factors, including the impact of climate change. Although opportunities abound in Africa, which is home of most of these countries, it is crucial to identify solutions to achieve these SDGs by 2030.

During the 5th UN Conference on Least developed countries On March 6 and 7, 2023, in Qatar, Doha, the United Nations invited prominent figures, including Delphine Traoré, Allianz Africa's Regional CEO, Simon Stiell, Executive Secretary of United Nations Framework Convention on Climate Change (UNFCCC UN) and other high-level speakers to participate in promoting the Sustainable Development Goals (SDGs) in Least developed countries (LDC).

In her opening remarks, Delphine Traoré, emphasized several strengths of Africa, which possesses around 60% of the world's arable land, has the potential to nourish its population as well as the rest of the world if adequate measures are implemented to assist actors in the rural areas. This necessitates the involvement of governments, supported by businesses, non-governmental organizations (NGOs) and international financial institutions, to confront major challenges, such as those arising from climate risks. In a comparatively more vulnerable continent, these risks are increasingly having catastrophic consequences.

The African continent is highly vulnerable to natural disasters resulting from climate change, with estimated economic costs ranging from 7 and 15 billion dollars annually since 2020. By 2030, this could amount to 7% of African GDP, or 50 billion dollars per year, a significant loss for a population that produce only 3,8% of global greenhouse gas emissions.

Faced with alarming data and the risks they predict, Delphine Traoré advocates for more private sector involvement. With regard to the commitment of the insurance industry, Allianz has taken initiatives to support governments and development institutions, in making insurance more accessible to populations: the InsuResilience project is a concrete example. Launched in partnership with the Ghanaian Government, the Insurance Development Fund, UNDP, and other development organizations, it aims to address the risk of major floods in the country, by enhancing the country’s ability to respond to natural disasters. The project’s main objective is to support 118,000 vulnerable urban households in Greater Accra.

“33 of the 46 Least developed countries are in Africa. But we don’t always see them in the decision making which ultimately impacts them. They are missing from the conversation. Do we know what they need? What is happening on the ground? Adaptation is a daily challenge and the Allianz Africa partnership with the UNDP is a great example of collaboration bringing to the table the countries in Africa impacted by climate change. The UNDP is on the ground, working closely with government then pulling in the private sector and other institutions for climate adaptation in the Least developed countries. This is how we should all work together when it comes to climate adaptation in the countries most affected", said Delphine Traoré.

The Allianz Group is one of the world's leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.

Allianz is one of the world’s largest investors, managing around 809 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage 2.0 trillion euros of third-party assets. Thanks to our systematic integration of ecological, social and governance criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index, launched on 12.11.2021. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

Allianz has over a century of history in Africa, where it has built and is continually expanding its footprint. The Group continues to gain leadership in key markets across the continent.

Allianz is currently present in 14 countries and accompanies clients in 49 markets across the continent.