Note from the editor: Mr. Mohamed Beavogui is an expert in Agricultural Finance and was elected as the first African General Manager of the African Risk Capacity in January 2015.

In the wake of startling statistics and stories on the impact of climate change around the world, there has also emerged discourse and action on solutions. With reports citing that two-thirds of all weather-related deaths occur in the developing world, both the West and the global south look towards risk insurance as one tool to address those most vulnerable to climate change.

Opening on November 30, nearly 200 parties gathered in Paris to work towards a new global agreement on climate for the 21st meeting of the Cooperation of Parties, or COP21. Highlighted by world leaders including Secretary General Ban Ki-moon and President Obama, risk insurance saw robust and high-level support last week with an announced $30 million from the U.S. on December 1 towards the Caribbean Catastrophe Risk Insurance Facility (CCRIF), the Pacific Catastrophic Risk Assessment and Financing Initiative (PCRAFI) and the African Risk Capacity (ARC), followed by commitments like the $50 million from Canada’s Catherine McKenna. According to the World Bank’s Rachel Kyte at the Earth to Paris summit on December 8, those advocating for risk insurance hoped for 1 billion by Paris. They are now at 600 billion.

During COP21, Global Daily caught up with the Director General of the African Risk Capacity Mohamed Beavogui on surprises in Paris and why he sees businesses seeking the use all risk insurance through sites such as constructaquote.com as being integral to businesses. In addition, he would have also noted that many organizations have begun looking into insurance policies that can cover their most important employees (their CEO, for instance) in the chance of accidents or natural disasters, as part of their business succession planning for their company (you can learn more about such policies at www.keypersoninsurance.com). Focused on early warning, contingency planning, insurance and adaptation finance, ARC provides funds to governments facing natural disasters. What follows is our interview with Mr. Beavogui lightly edited for clarity.

Today, @POTUS announced US contribution of $30 million to climate risk insurance initiatives: https://t.co/lOjuQUxzDE. #COP21

– Department of State (@StateDept) 1 de dezembro de 2015

Global Daily: What role did you and ARC play in working towards any agreement or pledge from the U.S. government?

Mohamed Beavogui: We have been working with the State Department and USAID in order to advocate for the African Risk Capacity’s approach – disaster planning and financing. However, it was actually a surprise to see [risk insurance] in Obama’s speech. This buy in from the highest levels, from the Secretary General to President Obama – it’s political greenlight.

ARC already has boots in motion, and now we have to transform trust from the markets, the United Nations, and governments into action in order to make ARC financially sustainable [in the long-term]. That’s why we have a goal of at least 150 million from 30 countries by 2020 at the total coverage of 1.5 million. With our business plan, once the engine is running, it is running by itself. And it is running by itself because it relies on the market, therefore it should be working naturally.

You need to have capacity to make choices, and also an excellent contingency plan that allows you to have the resources that can be deployed in an efficient manner. People can’t wait six to nine months while humanitarian needs are gathered to intervene. The [risk insurance capacity] system is important, not only to sustain the livelihood of the people on the ground, but to protect the economic investment and more than that, ensure economic and political stability.

We are really, really proud of how the risk insurance idea is being supported – everybody is supporting the idea. What we are looking for is not money as a handout but as an investment – an investment that will allow us to prosper and connect to the market.

Everyone says, “You give so many handouts to Africa”, but this is necessary because Africa is the center of biodiversity and we have to preserve that for the whole world. So in solidarity, we should support the establishment of a green economy. I strongly believe that it is an opportunity – a business opportunity – and it makes business and financial sense. Not only to do insurance, not only for Africa but for international cooperation. We need to support – we are not only protecting planet but also the stability of world. Africa is not just waiting for handouts, [we want to] protect what we have, adapt our citizens, and prepare conditions for more investment in green opportunities.

Global Daily: Do you see African Risk Capacity and risk insurance as key to the success of the United Nations’ Sustainable Development Goals that are set for 2030?

Mohamed Beavogui: Absolutely. African Risk Capacity and risk insurance helps farmers, women, children – we allow them to have immediate access to resources so they can cover the resilience of the economy, and contribute to the goal of ending poverty.

Global Daily: Can you tell me about a time where ARC’s work was pivotal to a country or a region after a natural disaster?

Mohamed Beavogui: This year, Mauritania, Niger, and Senegal were all struck by drought. In Senegal, for example, food distribution for both humans and animals were affected. I visited Senegal, and people told me, ‘If we didn’t have payouts, we would have lost half of our livestock this year’.

Global Daily: How can ordinary citizens participate in and support ARC? What would you ask people to do?

Mohamed Beavogui: What we want to build is something sustainable and when you invest in a social investment you advocate for us. We don’t need much – what we want at country levels is $100 million over the next five years. We want to see people advocating for self-sustainability. Finally, we are looking for volunteers that can come. Come help organize a contingency plan, supply chains, and join us in the field. We welcome people to come and help us.