Annual Report 2018: Working Toward a Climate-Resilient Future

2018 was again a year of extreme weather events: Typhoon Mangkhut in South East Asia, Tropical Cyclone Josie in Fiji, the tsunami that followed the devastating earthquake in Sulawesi, Indonesia, and the recent floods that displaced thousands in Nigeria are just a few examples of natural disasters that impacted countries and people. These events demonstrate that there is a need for mechanisms to alleviate the effect they exert on countries and their populations. At the same time, 2018 was also a year of political initiatives with the goal of helping countries to cope with these disasters. Canada announced the investment of USD 100 million to support the expansion of coverage for climate risk insurance in climate-vulnerable countries at the G7 Summit in Charlevoix. The meeting of the V20 Finance Ministers in Bali highlighted its ambitious efforts to address climate change as an economic and humanitarian risk. The delegates underlined the importance of the InsuResilience Global Partnership as a concrete collaborative initiative between V20 and G20. The World Bank Group, Germany, and the UK launched the USD 145 million Global Risk Financing Facility (GRiF) that will help countries to manage the impacts of climate and disaster shocks.