Webinar: The Role of the Global Shield in Addressing Loss and Damage
24th November, 14:00 to 15:00 CET
This webinar provides a comprehensive understanding of the Global Shield initiative, the benefits it can provide to particularly climate vulnerable countries, and its significance in dealing with the losses and damages related to climate change. By featuring expert speakers, a representative from the V20 group, and a CSO, we aim to provide valuable insights and promote a better understanding of the challenges and opportunities in this critical area.
At COP27 in 2022, the landmark decision was reached to establish new funding arrangements and a dedicated fund to assist developing countries in responding to loss and damage. A transitional committee was set up to make recommendations on how to operationalize the fund and funding arrangement by COP28.
COP27 also saw the launch of the Global Shield against Climate Risks, a joint V20-G7 initiative to increase the financial protection of vulnerable people through pre-arranged finance solutions that provide quick and reliable funding when climate impacts materialize. The Global Shield was recently welcomed by the Transitional Committee as an important initiative to enhance the response to loss and damage.
The experience accrued by the Global Shield can be built on and maximized within the emerging finance architecture to respond to loss and damage. The Global Shield helps countries identify protection gaps and voice needs through inclusive and country-led processes. It furthermore facilitates joint standards, synergies, and complementary work across leading implementing organizations, including Multilateral Development Banks, the private sector, development organizations, and civil society.
The one-hour virtual event is hosted by the Global Shield Secretariat and will feature Sara Ahmed, V20 Global Lead and Finance Advisor, Sebastian Lesch, Head of the Climate Policy Division at BMZ, Foster Gyamfi, Principal Economics Officer from the Ministry of Finance and Economic Planning, Ghana, and Vositha Wijenayake, Executive Director of SLYCAN Trust. The event will be held on Microsoft Teams and is open to all interested participants.
Rewatch the event on Youtube