Germany proposes new Global Shield against Climate Risks at Petersberg Climate Dialogue

The German Federal Foreign Office hosted this year’s 13th Petersberg Climate Dialogue from July 17 - 19, 2022 in Berlin, where high-level representatives from 40 countries convened ahead of this year’s 27th Conference of the Parties (COP27). The German Minister for Economic Cooperation and Development, Svenja Schulze, presented a new Global Shield against Climate Risks.

The concept for the Global Shield against Climate Risks has been developed under the German G7 Presidency and was supported by G7 leaders at the summit in June 2022. The Global Shield will scale up climate risk financing, improve climate resilience and preparedness, and promote the development of rapid solutions in the case of climate-related damages. Coordinators envision early warning systems, especially in vulnerable countries, preparedness plans, insurance schemes, and social protection systems as part of the shield. The Global Shield will work to mobilize additional funding for protection against and compensation for Loss and Damage resulting from climate change.

Schulze aims to launch the global shield at this year’s COP27 in Egypt together with countries most affected by climate change.

Press release – Federal Foreign Office

Press release – Federal Ministry for Economic Cooperation and Development

News article – The Economic Times