On 5th and 6th July 2023, the Government of Ghana, Chair of the Vulnerable Twenty (V20) Group of Finance Ministers and the Climate Vulnerable Forum, kicked off the Global Shield In-Country Process in Ghana by hosting the first joint country workshop of the V20/G7 Global Shield against Climate Risks and the Global Risk Modelling Alliance (GRMA). A high-level launch of the In-Country Process was followed by a first round of technical consultations, demonstrating the Global Shield’s inclusive and evidence-informed approach to closing protection gaps in vulnerable countries.
Group photo of the workshop participants (©GRMA)
The Global Shield was launched at the UN Climate Conference in 2022 (COP27) with the goal to increase protection for climate vulnerable economies and communities by providing more and better pre-arranged finance against climate-related disasters. The Global Risk Modelling Alliance (GRMA) resulted from a strategic agreement between the V20 and the Insurance Development Forum (IDF). It strengthens governments’ capability in climate and disaster risk insight, and supports access to open models and data on climate and disaster risk in vulnerable countries. GRMA can play an integral part in the Global Shield as it helps countries assess gaps in financial protection of vulnerable people, and take risk-informed decisions on resilience, climate adaptation, and pre-arranged risk finance.
Workshop participants discussing in breakout groups the status quo of risk understanding in Ghana (©GRMA)
Sara Jane Ahmed, Finance Advisor of the V20 Group addressing the workshop participants (©GRMA)