The Global Shield against Climate Risks

A joint G7/V20 initiative to strengthen the financial protection and resilience of vulnerable countries and people

About the Global Shield

Over the last decade, the dramatic consequences of climate change have increased significantly. Storms, droughts and floods are continuing to become more frequent and more intense. These extreme weather events along with slow-onset impacts from climate change pose a growing risk for the sustainable development of all countries, but particularly for the most vulnerable countries and communities. Despite climate action and investments in adaptation to climate change, residual risks leading to climate-related losses and damages remain.

The urgent needs of vulnerable countries and people in the face of these increasing climate risks need to be addressed. When a climate-related disaster strikes, better systems need to be in place, providing immediate finance in the most efficient, effective and fast way for the most vulnerable. So far, financial protection is not systematic, coherent and sustained enough.

To address this, the Vulnerable Twenty (V20) Group together with the Group of Seven (G7) and other supporting countries launched the Global Shield against Climate Risks. The aim of the Global Shield is to provide and facilitate more and better pre-arranged protection against climate and disaster related risks for vulnerable people and countries. Greater financial protection and faster and more reliable disaster preparedness and response will contribute to effectively responding to loss and damage.

What we offer

 

Value proposition

The Global Shield seeks to strengthen the financial protection of climate-vulnerable people and communities by increasing access to pre-arranged finance.

Instruments

The Global Shield provides an array of pre-arranged finance instruments to help climate-vulnerable countries close financial protection gaps. 

Process

A central element of the Global Shield is the In-Country-Process, which facilitates the identification of country-specific needs and options of interventions.

Where we work

The Global Shield against Climate Risks aims to support countries that are most vulnerable to climate risks. The initiative is currently active in Bangladesh, Costa Rica, The Gambia, Ghana, Madagascar, Malawi, Pakistan, Peru, The Philippines, Rwanda, Senegal, Somalia, and the Pacific region.

Latest news

Read more about the latest developments related to the Global Shield against Climate Risks.

Blog/Article

Ghana receives first insurance payouts by the African Risk Capacity to help address impacts of recent droughts

08.04.2025

Between August and November 2024, the Northern regions of Ghana experienced severe drought which impacted the main food staples and crops such as maize, millet, groundnut and rice; spiking food security concerns and significant crop...

Blog/Article

The Global Shield in Action: 2024 in Review and the Year Ahead

19.12.2024

2024 has been an exciting year for the Global Shield against Climate Risks, as Global Shield countries continued to make headways in delivering and taking progressive steps towards implementing pre-arranged financing solutions. With the promise...

Press Release

Global Shield Board Sets Strategic Direction for 2025 and Beyond

17.12.2024

BONN, 17 December 2024 – The Board of the Global Shield against Climate Risks met earlier this month to take stock of the initiative’s progress in 2024 and chart the strategic direction for 2025 and...

Blog/Article

Global Shield at COP29: Supporting Climate-Vulnerable Countries

02.12.2024

At COP29, the Global Shield against Climate Risks, a G7-V20 initiative, reaffirmed its commitment to protecting climate-vulnerable countries through pre-arranged finance. Co-Directors Nilesh Prakash and Dr. Astrid Zwick led the delegation, unveiling the Global Shield...

Press Release

Global Shield Ambition Launch Sets New Strategic Direction to Enhance Financial Resilience for Climate-vulnerable Countries

20.11.2024

BAKU, 20 November 2024 – The Global Shield against Climate Risks officially launched the Global Shield Ambition today at COP29, during a dedicated high-level launch event “Global Shield Ambition: Enhancing Financial Protection for Climate-Vulnerable Developing...

Press Release

Pakistan becomes first country in Asia to initiate access to support from the Global Shield to close the financial protection gap through enhanced pre-arranged finance

20.11.2024

Baku, 20 November 2024 – Pakistan, ranked as the fifth most vulnerable country to climate-induced disasters, reaffirmed its commitment to enhancing financial protection against climate-induced risks as a Global Shield beneficiary country today at COP29....

Press Release

Global Shield Underscores Commitment to Support the Fund for responding to Loss and Damage

13.11.2024

BAKU, 13 November 2024 – The Global Shield against Climate Risks took part in the launch of the annual High-Level Dialogue on Coordination and Complementarity for Funding Arrangements Responding to Loss and Damage. The event...

Press Release

Barbados assumes Co-Leadership of Global Shield to Strengthen Financial Protection against Climate Risks

07.11.2024

Washington, D.C., 7 November 2024 – Hon. Ryan R. Straughn, Minister in the Ministry of Finance, Economic Affairs and Investment in the Government of Barbados officially assumed the role of Co-Chair of the Global Shield...