The Global Shield against Climate Risks

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

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 addressing losses and damages exacerbated by climate change.

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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 suitable 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 pathfinder 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 is starting activities in eight pathfinder countries and one pathfinder region, namely Bangladesh, Costa Rica, Ghana, Jamaica, Malawi, Pakistan, The Philippines, Senegal, and the Pacific. Additional Global Shield partner countries will be selected in the future.

Latest news

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

Press Release on Global Shield Governance

25.05.2023

Joint press release of the V20 and the German Ministry for Economic Cooperation and Development (BMZ) on the Global Shield’s operating model.

Read the full press release here.

V20 Ministerial Dialogue X

16.04.2023

Closing the financial protection sinkhole through the G7/V20 Global Shield against Climate Risks.

Official Launch of Global Shield

14.11.2022

Press conference video on the official launch of the Global Shield.

Official Launch of Global Shield

14.11.2022

Joint press release of V20 and G7 on the official launch of the Global Shield against Climate Risks at COP27 in Sharm El-Sheikh.

Upcoming events

Stay informed about upcoming events related to the Global Shield against Climate Risks.

58th Bonn Climate Change Conference (SBs)

05.06.2023

The 58th Bonn Climate Change Conference (SBs) will be held at the World Conference Center Bonn (WCCB). More information can be found here.

InsuResilience Global Partnership Annual Forum

09.06.2023

The focus of this years’ Annual Forum is on the Global Shield against Climate Risks. More information can be found here.

Global Forum on Adaptive Social Protection

13.06.2023

The Global Forum on Adaptive Social Protection is hosted by Germany’s Federal Ministry for Economic Cooperation and Development and the World Bank Group. More information can be found here.

Summit for a New Global Financial Pact

22.06.2023

French President Emmanuel Macron hosts an international conference on a new global financial pact. More information can be found here.