In a groundbreaking initiative aimed at addressing the escalating climate challenges faced by vulnerable communities in Asia, The Rockefeller Foundation has announced a pioneering collaboration with the Nepal Economic Forum (NEF) and their industry partner, Himalayan Everest Insurance.
The primary objective of this partnership is to provide essential financial tools that will shield communities from the adverse economic impacts of climate change.
Recognising the pivotal role of insurance, especially microinsurance, in building climate resilience and future-readiness, The Rockefeller Foundation has granted support to this endeavour.
As part of this collaborative effort, Himalayan Everest Insurance is set to design and launch a range of broad-based, comprehensive, and affordable insurance products tailored to the region.
These innovative insurance offerings will be linked to climate shocks, providing the entire population with a means to endure disruptions to their livelihoods caused by climate change.
Mahendra Shrestha, Chairman of Himalayan Everest Insurance, highlighted the vulnerability of the Himalayan region to the impacts of climate change, which threaten homes, livelihoods, and cultures. He emphasised the significance of such programs in building a more resilient future for these communities.
Shrestha stated, “Programs like this are a crucial step towards building a more resilient future for these communities in our region. It combines financial protection with community engagement and climate-smart practices, making it a viable solution to the challenges at hand.”
Deepali Khanna, Vice President of the Asia Regional Office at The Rockefeller Foundation, pointed out the insurance sector’s increasing focus on sustainability but emphasised the need to adapt insurance products to climate change while ensuring accessibility for all.
She expressed excitement about partnering with NEF to identify innovative solutions that support vulnerable individuals and communities during their times of need, reinforcing the foundation’s commitment to advancing breakthrough solutions for the well-being of humanity.
Knowledge sharing and regional collaboration stand as essential pillars in climate resilience efforts. In alignment with this, the program will facilitate regional dialogues and share innovative products with its network of knowledge partners in the region.
Himalayan Everest Insurance will establish a community of “learning to help” insurance companies, fostering knowledge sharing among regional peers to overcome challenges in launching these climate-resilient products.
This grant aligns with The Rockefeller Foundation’s recent announcement of a $1 billion USD climate strategy aimed at promoting scientific action towards climate mitigation.
Spanning over five years, this strategy seeks to advance opportunities while combatting the climate crisis, The Rockefeller Foundation noted.
