Improving the resilience and financial protection of vulnerable countries

Context

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.

Objective

The Global Shield against Climate Risks was established as an internationally recognised and fully operational initiative and closes financial protection gaps worldwide.

Approach

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.

Last update: January 2024