The Global Shield Against Climate Risks, a joint initiative of the and the V20 Group of 20 vulnerable countries, was launched at the COP 27 in Sharm el-Sheikh.
This new initiative aims to respond to the call from the most climate vulnerable countries to improve the response to Climate Change-related loss and damage. In 2023, France will contribute 20 million in subsidies to the Global Shield Against Climate Risks. Germany, Canada, Denmark, the United States, France and Ireland will contribute a combined total of 210 million to the Global Shield. Other countries contribution announcements are forthcoming.
Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal will be among the first countries to benefit from the Global Shield.
The Global Shield is structured around two pillars: a coordination platform tasked with designing Insurance solution packages together with the beneficiary countries and a financing structure that will support the deployment of these solutions. Frances contribution will go to the Global Shields financial vehicle.