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.
Strengthening Financial Resilience against Climate Risks in Tonga: Inaugural Global Shield Workshop Held
30.09.2024
Nuku’alofa, 30 September 2024 – Tonga recently hosted the inaugural workshop of the Global Shield against Climate Risks, an initiative jointly led by the G7 and V20 Group. Organized under the leadership of the Ministry of...
The Republic of the Marshall Islands Kicks Off First Global Shield In-country Dialogue
17.09.2024
MAJURO, 17 September 2024 – The Republic of the Marshall Islands (RMI) successfully hosted the first workshop of the G7- and V20-led Global Shield against Climate Risks, an initiative aimed at addressing severe climate hazards...
Fiji Enhances Financial Preparedness for Climate and Disaster Risks
14.08.2024
SUVA, 14 August 2024 – Fiji’s Ministry of Finance, Strategic Planning, National Development and Statistics led multi-stakeholder consultations in Suva last week to strengthen locally owned risk insight and access to pre-arranged and trigger-based finance against...
Strengthening Senegal’s Financial Resilience to Climate Change
23.07.2024
Joint press release of the Ministry of Finance and Budget of Senegal, the World Bank Group’s Disaster Risk Financing and Insurance Program, and the Global Shield against Climate Risks Access a French version of the...
Past and upcoming events
The Global Shield was or will be featured in the following past and upcoming global events.
ICII 2023
At this year’s International Conference on Inclusive Insurance, the Global Shield will host the session “Pat..
Webinar: The Role of the Global Shield in Addressing Loss and Damage
Webinar: The Role of the Global Shield in Addressing Loss and Damage 24th November, 14:00 to 15:00 CET Microsoft Teams &..
High-Level Side Event: Practical Approaches to Address Loss and Damage
Broadening Financial Strategies: Practical Approaches to Address Loss and Damage – The Global Shield against Climate R..
Launch of the Global Shield Programme for Resilient Risk Pools
Unleashing Regional Resilience through the Global Shield Programme for Resilient Risk Pools 3rd December 2023 16:00 to 1..