Economic advancement through Preparedness: The role of partnerships in accelerating climate finance, de-risking, and climate action

Islamic Development Bank Group Pavilion
8 November // 15:30 to 16:30

Event Overview

The Global Climate Crisis remains paramount on the international development agenda and is interconnected with other structural global challenges, such as Food Security impacted by the war in Ukraine and structural Energy Poverty in the economic south. Amidst the global financing shortfall of 1 Trillion, 150 billion USD for Climate Action projects, including for Climate Change Mitigation and Climate Change Adaptation by 2030, the issues of climate resilience and climate disaster mitigation remain central to the needs of V20 Member Countries (a grouping of the countries most systemically vulnerable to Climate Change). Climate Risks cannot be viewed in isolation as a variable that will materialise in the near future; the prevalence of severe weather patterns, including floods, droughts, and storms that are more frequent pose a real-time threat to economic planners and to the lifecycle of projects and to economic productivity.

The G7 Presidency, led by the Federal Republic of Germany, and the V20 grouping of countries most systemically vulnerable to Climate Change have joined efforts to address Climate Risks. There is currently no mechanism for immediate finance in an efficient and effective way for V20 economies and populations. The aim of the Global Shield against Climate Risks is to provide and facilitate pre-arranged protection against climate and disaster risks. Many of ICIEC’s Member Countries are located in the Sahel region, which is extremely vulnerable to Climate Change, reflected in accelerated desertification, flooding in areas, and associated detrimental effects on livelihoods and agricultural output. A blend of sovereign insurance, corporate risk transfer, and microinsurance provides a direct response to drought-related food crises.

The Gambia, as a member of both the IGP and ICIEC, is a developing country whose developmental course is threatened by Climate Change. The three primary climate-related risks faced by the Gambia are river flooding, coastal flooding, and water scarcity. The Gambia has shown leadership and commitment towards Climate Action by submitting its second Nationally Determined Contributions report entitled ‘The Gambia’s long-term Climate-Neutral Development Strategy 2050.

Event Outcomes

The main objective of the Side Event is to highlight the role that the Global Shield can play in providing effective Climate de-risking through partnership with ICIEC and the private sector, in a manner driven by the needs of a common ICIEC and IGP member the Gambia. The side event will help showcase to Member Countries the role of ICIEC within the Global Shield in promoting sustainable, green, climate proof development.

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