Overview

Launched at COP27 by the Vulnerable Twenty (V20) Group and the Group of Seven (G7), the Global Shield against Climate Risks aims to increase protection for vulnerable people and countries and contribute to effectively responding to loss and damage from climate change. The Global Shield promotes an inclusive, gender-sensitive and demand-driven process, which is led by the vulnerable countries’ governments. To achieve its vision, the Global Shield uses evidence-based, systematic, and inclusive analyses of countries’ protection gaps, and applies these analyses to design, fund, and facilitate interventions to address these gaps.

Launch of Global Shield Ambition

November 2024

The Global Shield launches its Ambition in November 2024 at COP29 in Baku.

Global Shield Board endorses new cohort

April 2024

The Board endorses 5 additional Global Shield countries to access support: The Gambia, Madagascar, Peru, Rwanda, and Somalia.

Decision on Global Shield Governance

May 2023

The governing body of the Global Shield against Climate Risks decides on the Global Shield’s operating model.

Launch of the Global Shield

November 2022

The G7/V20 Global Shield against Climate Risks initiative is officially launched at COP27 in Sharm El-Sheikh.

V20 and G7 agree on Global Shield

October 2022

The V20 Group of Finance Ministers and the G7 Presidency agree on financial protection cooperation for climate vulnerable countries.

Petersberg Climate Dialogue calls for Global Shield

July 2022

Germany’s G7 Presidency present the Global Shield against Climate Risks.

G7 Leaders commit to Global Shield

June 2022

G7 leaders commit to scale up CDRFI and work towards a Global Shield against Climate Risks.

G7 Dev. Ministers commit to Global Shield

May 2022

G7 development ministers focus on strengthening the Climate and Disaster Risk Finance and Insurance (CDRFI) architecture and working towards the Global Shield against Climate Risks.

V20 Group calls for Global Shield

April 2022

V20 member states call for the establishment of the Global Shield to close protection gaps.

InsuResilience HLCG sets Global Shield vision

April 2022

The High-Level Consultative Group (HLCG) of the InsuResilience Global Partnership sets the vision to establish Global Shield against Climate Risks.

Vision & Mission

Vision

Climate-vulnerable countries are financially resilient and able to recover more quickly from climate-related disasters.

Mission

By increasing and improving access to pre-arranged finance, the Global Shield supports countries in effectively responding to climate-related risks and loss and damage and better financially protecting vulnerable people and communities.

4 High Level Goals

L

Informed Risk Prioritisation

Your Subtitle Goes Here
3

Enhance national capacities to identify and address climate risks and make informed decisions on risk financing solutions targeted at vulnerable people and communities affected by climate risks.

L

Inclusive Governance

Your Subtitle Goes Here
3

Strengthen coordination on pre-arranged finance across the national, regional and international financial architecture and development community.

L

Streamlined Access to Finance

Your Subtitle Goes Here
3

Scale up pre-arranged finance through a global, flexible, and collaborative financing structure.

L

Stimulate Innovation

Your Subtitle Goes Here
3

Provide a platform to catalyse sustainable and innovative financial protection by leveraging the collective expertise of diverse stakeholders.

Objectives

The Global Shield increases protection for vulnerable people and countries by substantially enhancing Climate and Disaster Risk Finance and Insurance (CDRFI). Greater financial protection, and faster and more reliable disaster response helps to cost-efficiently and effectively respond to loss and damage associated with impacts of climate change.

The Global Shield closes urgent protection gaps in countries by designing, funding, and facilitating interventions. All interventions will be based on national ownership. The Global Shield ensures more systematic, coherent, and sustained financial protection through the following building blocks (see graphic below).

    You might also be interested in these pages

    Governance

    The governance structure of the Global Shield consists of the Global Shield Board and the Global Shield Coordination Hub.

    Read more

    Financing Structure

    Additional Global Shield financing is provided by a central Financing Structure, consisting of the Global Shield Solutions Platform, the Global Shield Financing Facility, and the Climate Vulnerable Forum & V20 Joint Multi-Donor Fund.

    Read more

    Board

    The Global Shield Board provides political and strategic oversight over the Global Shield against Climate Risks and provides overall guidance to the Global Shield.

    Read more

    Activities

    The Global Shield against Climate Risk aims to support countries that are most vulnerable to climate risks. 

    Read more