The Global Shield – ICSC | Institute for Climate and Sustainable Cities

V20 and G7 jointly launch Global Shield against Climate Risks at COP27

Jhian Aranas2022-11-16T09:55:33+08:0014 Nov 2022|Tags: Bangladesh, COP27, Costa Rica, CVF, Fiji, G20, Germany, Ghana, Henry Kokofu, Ken Ofori-Atta, Pakistan, Philippines, Senegal, Svenja Schulze, The Global Shield, V20|

The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) today officially launched the Global Shield against Climate Risks, an initiative for pre-arranged financial support designed to be quickly deployed in times of climate disasters. Initial contributions include around EUR 170 million from Germany and more than EUR 40 million from other countries. In addition, a broad coalition of countries, multilateral institutions, non-state and private sector partners has underlined their full institutional commitment to Global Shield. The first recipients of Global Shield packages – called Pathfinder countries – include Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal.

DOF, other V20 finance ministers call for global finance reforms to manage debt, climate impacts

WASHINGTON DC, 19 October 2022 – At the recently held annual meetings here of the International Monetary Fund (IMF) and World Bank, the Vulnerable 20 Group of Finance Ministers (V20) called for debt restructuring and other global financing reforms to help them manage the economic threats of both debt and climate change. The Philippines was the founding chair of the V20 in its establishment in 2015.