BONN, 17 December 2024 – The Board of the Global Shield against Climate Risks met earlier this month to take stock of the initiative’s progress in 2024 and chart the strategic direction for 2025 and beyond. The bi-annual meeting took place virtually and was the first held under the co-chairmanship of Hon. Ryan R. Straughn, Minister in the Ministry of Finance, Economic Affairs and Investment in the Government of Barbados.
The Board meeting considered the Global Shield Ambition the Guiding Star for the Global Shield in its mission to increase and improve access to pre-arranged finance and bolster financial protection of vulnerable people and communities.
Minister Straughn highlighted the importance of the Global Shield Ambition in paving a strategic roadmap for the initiative: “COP29 marked the launch of the Global Shield Ambition. Through the principles of inclusivity, country ownership, complementarity and transparency, the Global Shield Ambition becomes an effective and comprehensive benchmark responsive to loss and damage. It charts a clear way forward that will guide the Global Shield’s fulfilment of its mission to increase and improve access to pre-arranged finance, namely through informed risk prioritization, inclusive governance, and streamlined access to finance and incentives for innovation.”
Global Shield co-chair Dr. Bärbel Kofler, Parliamentary State Secretary to the German Federal Minister for Economic Cooperation and Development, closed the meeting, stressing the opportunities to build on the Global Shield’s progress, and encouraging continued engagement from all stakeholders: “This year has proven that the Global Shield is offering a valuable contribution in the response to climate-induced loss and damage for the most vulnerable countries. Let’s keep collaborating and working together to ensure the Global Shield becomes an integral part of the emerging architecture for responding to loss and damage, closely linked to the new Fund for responding to Loss and Damage (FRLD).”
During the meeting, the Board endorsed the development of an approach for a possible extension of Global Shield support to the Caribbean region, as well as a new hosting arrangement for the Global Shield Secretariat at the Frankfurt School.
With the finalization of further countries’ Requests for Support in the pipeline, as well as the first High-Level Dialogue of the FRLD during the World Bank Spring Meetings, the Global Shield is well-positioned to play an integral role in ramping up effective pre-arranged finance solutions to build climate and financial resilience for those who need it most.
Minister Straughn officially assumed his role as co-chair of the Global Shield at the 13th dialogue of the V20 Finance Ministers in Washington D.C. in October. The meeting followed the Barbados’ assumption of the Presidency of the Climate Vulnerable Forum / V20 Group of Finance Ministers in September.
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About the Global Shield against Climate Risks
Launched at COP27 by the V20 Group of Finance Ministers and the G7, the Global Shield against Climate Risks aims to increase protection for climate-vulnerable economies and communities by providing and facilitating substantially more and better pre-arranged and trigger-based finance against disasters and climate risks. Greater financial protection and faster and more reliable disaster preparedness and response will contribute to effectively responding to losses and damages from climate change.
The Global Shield has two Co-Chair Countries. One Co-Chair represents the views of vulnerable countries (Hon. Ryan R. Straughn, Minister in the Ministry of Finance, Economic Affairs and Investment in the Government of Barbados), and one Co-Chair those of supporting countries (Dr. Bärbel Kofler, Parliamentary State Secretary to the German Federal Minister for Economic Cooperation and Development). They chair both the Global Shield Board (ministerial level) and the Global Shield Coordination Hub (technical level) and guide the Global Shield Secretariat.
The Global Shield Board is also comprised of the following representatives at ministerial level: 5 Representatives from Vulnerable Countries – Barbados, Fiji, the Philippines, Samoa and Uganda, 5 Representatives from Supporting Countries – Denmark, France, Ireland, Luxembourg and the United Kingdom, 2 Representatives from Civil Society Organizations, and 3 Representatives from the Global Shield Financing Vehicles.
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