Vision and Objectives of the Global Shield
The GS will increase protection for poor and vulnerable people by substantially enhancing pre-arranged finance, insurance and social protection mechanisms against disasters. Greater financial protection, and faster and more reliable disaster preparedness and response, will help to cost-efficiently and effectively minimise and address losses and damages exacerbated by climate change.
To achieve its objective, the GS will close urgent protection gaps in countries by designing, funding, and facilitating interventions. All interventions will be based on national ownership. The GS will ensure more systematic, coherent, and sustained financial protection through the following building blocks:
Proposed Structure of the Global Shield
It is the explicit aim to minimize the creation of new institutions and to instead build as much as possible on existing structures. However, in order to deliver on the GS’s objective in a timely, inclusive and efficient manner, existing structures and contributing partners will need to be reformed, endowed with broader mandates and include a wider range of stakeholders. The GS is proposed to consist of the following elements: