Joint press release of the Ministry of Finance and Budget of Senegal, the World Bank Group’s Disaster Risk Financing and Insurance Program, and the Global Shield against Climate Risks
Access a French version of the press release here.
Dakar, July 23, 2024 – The Republic of Senegal, through the Ministry of Finance and Budget, in partnership with the World Bank and the Global Shield Secretariat, launched today the workshop to present the results and conclusions of the diagnostic on climate and disaster risk financing (CDRF). The event also marks the beginning of the In-Country Process of the Global Shield initiative.
The event aims at (i) sharing the findings of the diagnostic on climate and disaster risk financing in the country; (ii) initiate discussions to develop a national strategy on the matter; and (iii) officially starting the In-Country Process, integrating Senegal into the Global Shield against Climate Risks.
The first day, dedicated to the CDRF diagnostic, will offer strategic options for strengthening financial resilience and laying the groundwork for developing a national CDRF strategy.
The second day will focus on the Global Shield initiative. Supported by the G7 and V20, this initiative seeks to enhance the financial resilience of individuals and countries vulnerable to increasing climate risks. The financing mechanisms associated with the Global Shield initiative will be thoroughly discussed. In addition, an overview of current programmes to support this initiative will be presented and ideas exchanged.
The actions of the World Bank and the Global Shield initiative aim to strengthen Senegal’s strategic framework by integrating climate considerations into public investment management and establishing innovative instruments to raise funds for sustainable markets.
Developing a national CDRF strategy will enable Senegal to mobilize innovative financing to respond appropriately to climate shocks. This strategy complements the overarching framework document on sustainable financing.
Senegal thus demonstrates the innovative nature of its financial management and its commitment to the Sustainable Development Goals (SDGs). This approach paves the way for new partnerships between public issuers and private investors in achieving these universal goals.
About the Diagnostic on Climate and Disaster Risk Financing (CDRF)
The World Bank’s diagnostic on disaster risk financing provides a crucial analysis of a country’s financial capacity to manage and respond to natural disasters. It assesses historical and potential future losses, examines legal and financial frameworks, and offers strategic recommendations to improve disaster risk financing. This report is an essential tool for policymakers to strengthen economic resilience to the impacts of climate change and natural disasters.
About the Global Shield against Climate Risks
Launched at COP27 by the Vulnerable Twenty Group (V20) Finance Ministers and the Group of Seven (G7), the Global Shield against Climate Risks aims to enhance the protection of economies and vulnerable communities to the consequences of climate change by providing and facilitating substantial and quality pre-arranged financing against disasters and climate risks. Greater financial protection and faster and more reliable disaster preparedness and response will contribute to effectively responding to loss and damage caused by climate change.
Press Contacts:
In Dakar: Ballé Preira / Coordinator of the Communication Unit, Ministry of Finance and Budget / bpreira@minfinances.sn – World Bank / Seydina Alioune Djigo, sdjigo@worldbankgroup.org