Climate Risk Insurance for the Agriculture Sector in Armenia
Agriculture is vital to Armenia’s economy. While sixty percent of priority food products are produced domestically, production is highly vulnerable to extreme weather events.
The Central Bank of Armenia (CBA) has recognized that climate change is a risk to the financial system requiring immediate action, and that monetary policies must be environmentally conscious and contribute to efforts to combat climate change.
This case study details specific conditions that make Armenia’s agricultural sector vulnerable to climate change, and steps that CBA has taken to cope with the effects of a warming climate.
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