Improving the resilience and financial protection of vulnerable countries
Topic
Climate, environment, natural resource management
Description
The project supports the Global Shield in providing financial protection against climate risks to countries affected by climate change.
Key words
Global Shield against Climate Risks
G20/V20 initiative
In-Country Process
Centre of Global Excellence of Gender-smart Solutions (CoE)
CDRFI
Name
Secretariat to support the development of the Global Shield Against Climate Risks
Country
Global: Ghana, Pacific island states, Pakistan, Bangladesh, Costa Rica, Jamaica, Malawi, Senegal and the Philippines
Politischer Träger
Finance ministries and environment and climate ministries of the participating countries
Produkte und Fachexpertise
Climate, environment, natural resource management
Starting situation
Natural disasters are becoming more frequent and more intense and primarily affect people who have little protection or financial security against climate damage. This is pushing more and more people into poverty and jeopardising previous development successes and long-term economic growth.
The Global Shield (GS) against Climate Risks was therefore launched in 2022. The initiative aims to better protect countries severely affected by climate change against climate risks and increase their resilience.
Target
The Global Shield against Climate Risks was established as an internationally recognised and fully operational initiative and closes financial protection gaps worldwide.
Procedure
The project, Global Shield Secretariat, serves as the coordinating entity for the Global Shield, it provides the technical support for the implementation of the Global Shield objectives, coordinates within the Global Shield and amongst stakeholders, guides the fundraising and replenishment of global shield funds, drives the strategic development of the initiative, and engages with relevant global climate policy processes.The Global Shield’s work involves:
- Coordinating various programmes and actors involved in climate risk financing in vulnerable countries
- Mobilising additional funds to meet growing financing requirements
- Using extensive risk financing instruments and combining them with social security, early warning systems and contingency plans
Thanks to this forward-looking, risk-orientated financial planning, support can reach people more quickly in the event of a disaster. The Global Shield supports the implementation of needs-based measures.
In detail, the project supports the main steering and implementation committees of the Global Shield. These include the Global Shield Board, the Global Shield Coordination Hub and the Technical Advisory Group.
The Secretariat promotes cooperation and facilitates communication between all Global Shield actors, including the three new financing instruments. It facilitates knowledge management, evaluates progress in achieving the objectives of the Global Shield and communicates its successes.
The project is cofinanced by Global Affairs Canada for the Centre of Excellence for Gender-smart Solutions.
External links
Website: BMZ -Global Shield against Climate Risks
https://www.bmz.de/de/themen/klimawandel-und-entwicklung/globaler-schutzschirm-klimarisiken
Website: Global Shield
https://www.globalshield.org/