The Global Shield Against Climate Risks: Enhancing the Global Disaster Risk Finance Architecture. High-Level Panel Discussion at the CVF-V20 Pavilion

CVF/V20 Pavillion, Blue Zone, COP27, Sharm el-Sheikh, Egypt

14 November 2022, 12:00pm – 1:00pm Egypt time (GMT 2)

Event Description 

Following the endorsement of the concept for the Global Shield against Climate Risks by the High-Level Consultative Group (HLCG) of the G20+ and V20-led InsuResilience Global Partnership (IGP), the V20 Group of Finance Ministers from climate vulnerable economies and the G7 Presidency reached agreement on the Global Shield — a financial protection cooperation that responds to loss and damage as a contribution implementing the Paris Agreement on climate change. 

The Global Shield includes the following:

• Strengthened coordination within the global climate and disaster risk finance and insurance (CDRFI) architecture across G7, V20 and other climate vulnerable economies to ensure coherence of different institutions and donors’ efforts at the global, regional and national level.
• A global, flexible, and collaborative financing structure to mobilise and pool respective donor and other funds and enable a more systematic global approach to closing protection gaps.
• Sustained protection in the face of increasing climate risks by scaling up existing successful CDRFI programmes, including social protection schemes, and preparing country-specific, needs-based CDRFI support packages, including the scaling up of smart premium and capital support to address affordability barriers.

The high-level launch event will see the V20 and G7 jointly launch the Global Shield against Climate Risks at COP27. The event will present the Global Shield concept, raise awareness of the financial protection needs of the V20 and other vulnerable countries, and will provide an opportunity for the G7 countries and further donors and partners to pledge support for the implementation of the Global Shield against Climate Risks.

Event objectives 

Introduce the vision and concept of the “Global Shield against Climate Risks” as key new initiative at COP27, including the announcement of initial pledges to realise its ambitious goals.  

Showcase how the Global Shield:

• will mobilise international, regional and local actors to facilitate more and better prearranged risk finance in vulnerable countries; 
• strengthen financial protection for poor and vulnerable people through a systematic, coherent and sustained approach;
• build local and regional markets and strengthen local and regional institution resilience;
• and thereby contribute to efforts to averting, minimizing and addressing climate-related losses and damages. 

Expected participants and program

• H.E. Ken Ofori-Atta, Minister of Finance and Economic Planning, Ghana, V20 Chair (host)
• H.E. Seedy Keita, Minister of Finance and Economic Affairs, The Gambia
• H.E. Svenja Schulze, Federal Minister for Economic Cooperation and Development, Germany
• H.E. Dr. A K Abdul Momen, Minister of Foreign Affairs, Bangladesh
• Other ministerial level representatives of V20 countries and pathfinder countries: BEN, CRI, EGY, FJI, MDV, PAK, PHL, SEN, GMB
• Ministerial level representatives of G7 countries: CAN, EU, JAP, FRA, UK, USA
• Ministerial level representatives of further (potential) donors: DNK, NOR, CHE, NDL
• High-level IGP representatives: CARE International, ICSC, IDF, SLYCAN Trust, UNDRR, UNFCCC, UNDP, WB, WFP, WRI
• Moderator: Red Constantino, ICSC.

A video on the Global Shield will be shown. Speakers will be called up to the stage to make their contribution dynamically, according to their seniority.

Statements by V20 and G7 Presidency

Duration: 10 min

Support statements from Ministerial Level Representatives of V20, Pathfinder Countries, and G7 + donors

Support statements from Ministerial Level Representatives of V20, Pathfinder Countries, and G7 + donors

Duration: maximum 2 minutes each

Statements by High-Level Representatives of IGP

Closing Remarks

Key contacts

V20 Secretariat, [email protected]