Global Shield against Climate Risks
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 Group (V20) 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.
How the Global Shield works
The Global Shield against Climate Risks aims to close protection gaps in climate-vulnerable countries, using a tool-box of pre-arranged finance. Following the principles of subsidiarity and ownership of partner countries, the Global Shield applies a needs-based approach and works together closely with local stakeholders to build on already existing financing structures and instruments. The new Global Shield Financing Structure, consisting of three Financing Vehicles, namely the Global Shield Solutions Platform, the Global Shield Financing Facility, and the Climate Vulnerable Forum & V20 Joint Multi-Donor Fund, can provide additional support, if needed.
With this approach, the Global Shield ensures a rapid response when disasters hit and thereby helps to reduce follow-up costs and accelerate economic recovery.
Where the Global Shield is active
The Global Shield against Climate Risk aims to support countries that are most vulnerable to climate risks. In its initial phase, the Global Shield started activities in eight pathfinder countries and one pathfinder region, namely Bangladesh, Costa Rica, Ghana, Jamaica, Malawi, Pakistan, The Philippines, Senegal, and the Pacific. The new cohort of Global Shield countries was announced by the Global Shield Board in April 2024 and includes the following countries: The Gambia, Madagascar, Peru, Rwanda and Somalia.
Latest news
Read more about the latest developments related to the Global Shield against Climate Risks.
More information on press and media will follow soon.
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...
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...
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....
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...
Past and upcoming events
The Global Shield was or will be featured in the following past and upcoming global events.
COP29 Side Event Global Shield & Risk Pools
Global Shield & Regional Risk Pools Global Shield supporting Regional Risk Pools as effective partners in supporting..
COP29 Side Event Global Shield in Action
COP29 Side Event on the Global Shield Financing Protection against Climate Risks: The Global Shield in Action 18 ..
COP29 Side Event Global Shield, CSOs & Gender
COP29 Side Event on the Global Shield, CSOs & Gender Bridging the Gap: How the Global Shield Elevates Country and Co..
COP29 High-Level Launch Event: Global Shield Ambition
Launch of the Global Shield Ambition Enhancing Financial Protection for Climate-Vulnerable Developing Countries to Avert..