On 25th May, 2023 the 8th High Level Consultative Group of the InsuResilience Global Partnership reconvened with the aim of contributing to better protection against losses and damages from climate change. At the meeting, the leaders successfully adopted:
1. Global Shield Governance Charter,
2. In-Country Process Guidance Note,
3. Framework for Country Prioritisation.
The decisions made in the meeting today are crucial for operationalizing the Global Shield against Climate Risks. The goal of the Global Shield Against Climate Risks is to provide systematic, coherent, sustained protection against climate risks for vulnerable people and countries by providing better financial protection through pre-arranged finance.
Chaired by Seedy Keita, Minister of Finance and Economic Affairs of The Gambia, and Dr. Bärbel Kofler, Parliamentary State Secretary to the German Federal Minister for Economic Cooperation and Development, the conclusions from the meeting represents a powerful message in the run-up to COP28 advancing the discussion on the operationalization of funding arrangements, including a fund for responding to loss and damage.
To read the entire Press Release from the 8th HLCG meeting, click here.
With the IGP’s gradual evolution towards the Global Shield against Climate Risks, the HLCG has convened for the last time. Its responsibilities will be taken over by the Global Shield Board.