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.

 

In-Country Process

The inclusive and participatory Global Shield In-Country Process aims to assess risks and needs of Global Shield partner countries to develop tailored support packages that close protection gaps and protect more vulnerable people against climate risks.

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Regional Activities

The Global Shield also promotes regional approaches, addressing the most urgent protection gaps.

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Country-level Activities

The Global Shield will provide support packages in several countries through the implementation of In-Country Processes.

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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.

Press Conference Press Release

Costa Rica hosts first Global Shield workshop in Latin America

16.07.2024

Joint press release of Ministerio de Hacienda de Costa Rica, Superintendencia General de Seguros de Costa Rica (Sugese), and the Global Shield against Climate Risks 15 July 2024, SAN JOSÉ – Costa Rica’s Ministry of Finance...

Blog/Article

Pacific Island Countries to receive premium support from Global Shield

12.06.2024

Translating SMART Principles into Action The V20/G7 Global Shield against Climate Risks has provided a USD 10 million contribution to the Pacific Catastrophe Risk Insurance Company (PCRIC) via the Global Shield Solutions Platform – one...

Press Release

Global Shield Board welcomes new group of beneficiary countries

22.04.2024

22 April 2024, WASHINGTON D.C. – Back-to-back with World Bank Group and International Monetary Fund Spring Meetings, the Board of the Global Shield against Climate Risks composed of representatives from both climate vulnerable and supporting countries,...

Blog/Article

COP28 decision welcomes Global Shield

20.12.2023

The UN Climate Conference 2023 in Dubai (COP28) started with an encouraging signal: In the opening plenary, COP28 President Sultan Al Jaber announced an agreement on the set-up of a fund to respond to climate-related...