The world is already facing a global food crisis, and it is expected to worsen, with climate impacts anticipated to wipe out 30% of the world’s food production by 2050. Our biggest strength in facing this crisis are the people most exposed to it - smallholder farmers, who produce one-third of the world's food. Insights from Bangladesh provide valuable guidance on how crop insurance can support these farmers to tackle the challenges ahead.
What are some of the most effective innovations taking place in South Asia, the region that is bearing the brunt of climate change? How does one go about building resilience and from then to scaling? This post is the third in a series of blogs that will share BRAC’s lessons on building and scaling resilience to climate change.
“I can’t thank BRAC enough for standing beside me when I needed help the most,” Rahela, 24, a microfinance borrower and recipient of BRAC’s credit shield insurance, tells us. She borrowed USD 385 in January 2015 to invest in a small clothing business. Recalling her experience, she reveals, “My husband was not interested initially in having a joint insurance policy, but when the customer service assistant explained it in detail, we decided that we should pay the small premium.”