G20 summit: Leaders welcome the creation of a “Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions”
Hamburg, July 9, 2017 – At the G20 summit in Hamburg, leaders of the world’s largest economies reaffirmed their commitment to climate protection and agreed to the “G20 Hamburg Climate and Energy Action Plan for Growth” (except the US that is in a process of reviewing many of the related policies and reserves its position). The action plan endorsed the creation of a Global Partnership for climate risk finance and insurance solutions and outlines measures to advance the implementation of the Paris Agreement and to step up cooperation with developing countries.
The action plan stresses the need to increase the resilience of those that suffer most but are least able to cope with extreme weather events. The proposed Global Partnership will improve and enhance access to risk finance and insurance solutions as part of broader financial protection and comprehensive risk management strategies. Climate risk insurance enables faster and more reliable support in the case of drought, flooding or tropical storms. This helps to protect lives and livelihoods of the poor and vulnerable.
The Global Partnership wants to leverage the synergies of governments, international organizations, civil society and the private sector working together for closing the protection gap. By sharing knowledge, catalyzing innovation and providing technical and financial support, it will help partner countries to make use of appropriate risk finance and insurance solutions integrated into the broader resilience agenda. The Partnership builds on InsuResilience, a G7 initiative launched at the Elmau summit in 2015.