Meeting of G7 Development Ministers takes up the Global Shield against Climate Risks

The development ministers and health ministers of the G7 countries met in Berlin on 18-19 May 2022 to discuss policy responses to global challenges such as food crisis, climate change and COVID-19 pandemic.  

Based on the communiqué released, the role of Climate and Disaster Risk Finance is strengthened for adaptation to climate change.   

As the communiqué states, the G7 “(We) recognize the urgent need to ensure the protection of people and countries vulnerable to climate change and disaster risks. Global efforts to scale up climate and disaster risk finance and insurance (CDRFI), including under the InsuResilience Global Partnership (IGP) and other CDRFI mechanisms and instruments like regional risk pools, have already led to an increase in financial protection in recent years. We are committed to working with partners outside the G7 to further strengthen the global CDRFI architecture so it becomes more systematic, coherent and sustained, and will work towards a Global Shield against Climate Risks.” 

The InsuResilience Global Partnership (IGP) is proud to see that the current approach and discussion outcomes within the Partnership, especially at the governing level – the High-Level Consultative Group (HLCG) – are leading V20 and G20+ countries to mandate an enhanced Climate and Disaster Risk Finance Global Architecture. 

The HLCG first discussed the enhancement of Climate and Disaster Risk Finance back in the meeting held in October 2021. Subsequently, the enhancement of Climate and Disaster Risk Finance gradually evolved to a solid concept of the ‘Global Shield against Climate Risks’ which was discussed in the HLCG meeting this April.  

The Global Shield is connected to the Partnership’s initiatives and programmes including the SMART Premium and Capital Support Principles and Program Alliance. (insert links)  

IGP, a V20-G20+ led multi-stakeholder global platform, brings together the needs of vulnerable communities and concerted efforts from implementing partners and industrialized countries with a view to strengthening financial resilience against climate chance impacts. Astrid Zwick, Head of InsuResilience Secretariat, emphasizes: “we are devoted to continuing the setup of the Global Shield against Climate Risks.” 

For more information please see the link to the official G7 communiqué.