In 2022, efforts to tackle the impacts of climate-related disasters and scale financial protection have been stepped up, most notably through the launch of the Global Shield against Climate Risks at COP27. The InsuResilience Global Partnership (IGP) has been instrumental in cultivating this big leap towards a more global and systematic Climate and Disaster Risk Finance and Insurance (CDRFI) architecture.
This message was emphasized by the Co-Chair of the InsuResilience High-Level Consultative Group (HLCG), Dr Bärbel Kofler, Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development in Germany: “The impacts of climate change are not equally distributed – they particularly undermine the prosperity and the development prospects of climate-vulnerable people and countries. Through the continuous work of its members, the InsuResilience Global Partnership has laid the foundation for the Global Shield against Climate Risks, a joint V20 and G7 initiative aimed at substantially expanding financial protection against climate risks and making it more systematic, more coherent and more sustained. The Global Shield is also a contribution towards the international funding arrangements for tackling Loss and Damage currently being discussed under UNFCCC. I am excited about the path which lies ahead in 2023 and am looking forward to our joint work on this important initiative.”
HLCG Co-Chair H.E. Seedy Keita, Minister of Finance and Economic Affairs of The Gambia, reiterated: “As climate-fueled risks intensify, losses and damages due to insufficient adaptation responses and a sinkhole of financial protection are a fast-emerging major macroeconomic concern for climate vulnerable economies. We hope that the advent of the G7-V20-led Global Shield against Climate Risks as part of the Climate Prosperity Plans can harness a sea-change in pre-arranged and trigger-based financial protection against climate risks capable of ultimately closing the protection gap. We look forward to our joint collaboration and to further expand resource mobilisation efforts to triple the pipeline of countries under the Global Shield.”
In 2022, a total of 190 million people benefited from CDRFI solutions which were facilitated by 29 active programmes under the InsuResilience Global Partnership across 123 countries. The project pipeline has also grown from 324 to 475, bringing the Partnership closer to Vision 2025 targets.
In line with the Partnership’s ambitions on gender-responsiveness in CDRFI, an important study was commissioned in 2022 by the InsuResilience Centre of Excellence on Gender-smart Solutions (CoE) to investigate the extent of gender-responsiveness of IGP programmes and projects. This study was carried out by Oxford Policy Management (OPM) and it further identified barriers and success factors for gender-responsive programming.
If you want to learn more about our activities, projects and monitoring indicators, which constantly track the Partnership’s project progress, please find the report here.