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
The Global Shield launches its Ambition in November 2024 at COP29 in Baku.
Global Shield Board endorses new cohort
The Board endorses 5 additional Global Shield countries to access support: The Gambia, Madagascar, Peru, Rwanda, and Somalia.
Decision on Global Shield Governance
The governing body of the Global Shield against Climate Risks decides on the Global Shield’s operating model.
Launch of the Global Shield
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
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
Germany’s G7 Presidency present the Global Shield against Climate Risks.
G7 Leaders commit to Global Shield
G7 leaders commit to scale up CDRFI and work towards a Global Shield against Climate Risks.
G7 Dev. Ministers commit to Global Shield
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
V20 member states call for the establishment of the Global Shield to close protection gaps.
InsuResilience HLCG sets Global Shield vision
The High-Level Consultative Group (HLCG) of the InsuResilience Global Partnership sets the vision to establish Global Shield against Climate Risks.
Vision & Mission
4 High Level Goals
Informed Risk Prioritisation
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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.
Inclusive Governance
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Strengthen coordination on pre-arranged finance across the national, regional and international financial architecture and development community.
Streamlined Access to Finance
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Scale up pre-arranged finance through a global, flexible, and collaborative financing structure.
Stimulate Innovation
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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).
