The Global Risk Modelling Alliance (GRMA) has been selected as Key Resource for the Global Shield Initiative, an initiative for pre-arranged financial support designed to be deployed during climate disasters that was launched at COP27 earlier this week.
In a statement, the GRMA said that a further €10m in funding had been provided and that Pakistan had been selected as the first Pathfinder Country.
It said that the Global Shield against Climate Risks cooperation led by the G7 and the V20 Group of Ministers of Finance of the Climate Vulnerable Forum (V20) has identified the Global Risk Modelling Alliance as a key resource, particularly during initial in-country climate risk assessments and subsequent capacity building. The Global Shield Initiative aims to build domestic, regional, and international markets to handle climate risks in a highly effective way and to encourage a system that delivers the objective of resilience to economies and climate justice to communities.
It also said that the €10m funding was being supplied by the German government as part of its €170m commitment towards loss and damage and the Golden Shield. Administered via the InsuResilience Solutions Fund, the GRMA will be able to scale up its support to six further countries. This follows the initial €11m in funding announced in February 2022. for an initial four countries. It also said that the V20 has adopted GRMA within its Climate Prosperity Plan as a starting point to mobilise resources for the implementation of a new pathway to secure maximed financial protection for V20 economies, enterprises, and communities.
Ekhosuehi Iyahen, secretary general of the Insurance Development Forum (IDF), said: “I am delighted with the progress and impact of the GRMA that we are announcing at COP27, showing significant momentum behind our mission to offer countries to level up and accelerate access to risk knowledge. Through country-led, co-designed risk programmes the GRMA will share practical industry knowledge, open data and technology. Countries will strengthen sovereign and city capabilities in risk insight, for application to policy development, adaptation planning, and disaster risk reduction.
The GRMA is an initiative of the V20 and the IDF and hosted by the ISF joint public-private technical assistance programme. The GRMA has three main components:
- A grant fund to help countries fill critical risk model and data gaps for public good
- A technical assistance team comprising risk practitioners combining both public and private sector expertise
- Open-source risk modelling technology, tools and standards developed by the insurance industry and optimised for public sector use
