Vision & Mission

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 will use evidence-based, systematic, and inclusive analyses of countries’ protection gaps, and apply these analyses to design, fund, and facilitate interventions to address these gaps.

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.

Objectives

The Global Shield will increase 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 will help to cost-efficiently and effectively respond to loss and damage associated with impacts of climate change.

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

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    Governance

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

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    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.

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    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.

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    Activities

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

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