Munich Re hopes Global Shield picks up momentum at COP28

Munich Re hopes COP28 will spur real action on the Global Shield Against Climate Risks initiative that was originally launched in November 2022 but has seen little progress so far.

Launched at COP27 by the Vulnerable Twenty (V20) Group and the Group of Seven (G7), Global Shield Against Climate Risks was designed to increase protection for vulnerable people and countries, and contribute to effectively addressing losses and damages exacerbated by climate change.

The Global Shield was designed to use “evidence-based, systematic and inclusive analyses of countries’ protection gaps, and apply these analyses to design, fund and facilitate interventions to address these gaps”.

Ernst Rauch, chief meteorologist at Munich Re said that he would like to see this effort pick up some real momentum.

“One of the biggest achievements of the annual COP climate conference is getting nearly 200 world leaders to agree that climate change is a problem and that it is man-made. With all the conflicting interests heads of states have around their own economic challenges, pressures and business models, this is in and of itself an achievement. With COP28 starting this week, what can be looked at with a critical eye is that the momentum of action has been far too slow. The UN is right: climate action can’t wait,” he said.

“One of the resolutions I’m keen to see progress on this year is the Global Shield Against Climate Risks… it is the most substantial funding initiative for loss and damage to date. It seeks to enhance insurance protection for at-risk nations and communities, building on projects like the InsuResilience Global Partnership and joint activities. The kick-off for Global Shield at COP27 was good, and it’s certainly going in the right direction, [but] progress has been rather limited to date. So, I’m especially looking forward to the outcomes that will be reported over the next weeks,” added Rauch.