The Global Shield against Climate Risks initiative seeks to bolster financial protection for climate-vulnerable economies with proactive financial measures.
The urgency of the climate crisis has been especially apparent this summer, when the warmest June on record was followed by 10 of the hottest days on record in early July. Scientists forecast that 2023 has an 81% chance of being the warmest year to date. The industry is starting to leverage collaborative platforms, including the Insurance Development Forum and the InsuResilience Global Partnership , to develop mechanisms to enact the GSCR.
The Global Risk Modelling Alliance , established after COP26 in 2021 in partnership with the IDF, will be a key resource for the GSCR. The GRMA aims to use open-source technology and standards optimised for public sector use cases; a public good fund to help countries fill model and data gaps; and a technical assistance team of public and private sector practitioners to work with V20 countries on applied projects.
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