The Global Shield Solutions Platform (GSSP) launched the Global Shield Program for Resilient Risk Pools (GSRRP) to enhance innovative approaches to disaster preparedness and financial resilience. The program provides a variety of support options for Climate and Disaster Risk Finance and Insurance (CDRFI) interventions, which Regional Risk Pools can access individually or jointly.
GSSP recognized that the Regional Risk Pools offer a unique value proposition combining rapid financial resources with comprehensive risk management benefits. Regional Risk Pools serve as localized mechanisms that enable member countries to pool resources, share risks, and collectively manage the financial impact of disasters. By aggregating risks across diverse nations, they mitigate the burden on individual countries when disasters strike, enhancing their capacity to respond effectively.
The theme of the event "Unleashing Regional Resilience through a Thematic Window for Regional Risk Pools", highlighted the strong partnership between the Global Shield, the Global Shield Solutions Platform, and the Regional Risk Pools to strengthen vulnerable countries’ financial resilience to climate and disaster risks.
The four regional risk pools leaders, African Risk Capacity (ARC) Group CEO Lesley Ndlovu, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) CEO Isaac Anthony, Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Aholotu Palu and Southeast Asia Disaster Risk Insurance Facility Insurance Company (SEADRIF) Chair Yoshihiro Kawai, stressed the need to scale up financial protection and improve technical capacity-building at the panel.
High-level donor representatives from the EU, Germany, France, Denmark and Luxembourg emphasized the importance of collaborative efforts in advancing climate resilience.
In their closing remarks, France’s Climate Ambassador Jean-Christophe Donnellier pledged an additional €20M to the Global Shield. Luxembourg’s Director General from the Ministry of Environment, Climate and Sustainable Development, André Weidenhaupt, formalized Luxembourg’s contribution to the Global Shield with €3M to the Global Shield Solutions Platform and €2.5M to the Global Shield Financing Facility.
Please find more information on the GSRRP here.