How the Global Shield approaches pre-arranged finance

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 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.

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).