WFP, UK, Germany and World Bank partner to extend risk financing to communities vulnerable to climate shocks – World

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SHARM EL-SHEIKH – The United Nations World Food Program (WFP) and the World Bank today signed an agreement to strengthen German- and UK-funded disaster risk protection for communities and vulnerable nations facing catastrophic weather extremes like storms and drought. As world leaders grapple with the global climate crisis at the annual United Nations Climate Change Conference (COP27), this initiative highlights the importance of investing in climate action to protect vulnerable communities in the event of a disaster. disaster.
Under the agreement, WFP will receive $20 million from Germany and the United Kingdom through the World Bank’s Global Shield funding mechanism. The funding will support the expansion of WFP’s climate and disaster risk financing coverage in 23 countries around the world, protecting up to 4.6 million people from climate risks over the next two years.

“The financial protection offered by climate risk insurance means more lives saved, livelihoods safeguarded, infrastructure protected and communities empowered. Having predictable financing ready when climate impacts materialize is essential to help farmers and communities minimize climate-induced loss and damage,” said Ute Klamert, Deputy Executive Director of WFP. “In collaboration with the Global Shield, we aim to integrate more and more communities into our programs, protecting them from the growing threat of climate impacts.”

The disaster risk financing policies purchased by WFP through this contribution will complement those purchased by governments, increasing the number of people protected and strengthening responses so that vulnerable people can be reached more quickly in the event of a disaster. climate.

This funding will support WFP’s contribution to the goals of the recently announced Global Climate Risk Shield, a G7 and V20 initiative to strengthen protection against climate risks before a crisis strikes. This includes early warning systems, preparedness plans and financing systems that include insurance schemes as well as social protection systems.

“The UK is a committed partner in disaster risk financing – the sooner we act, the more resilient vulnerable communities will be. We are proud to be a partner of the new Global Climate Risk Shield to be launched at COP27 and to co-finance the Global Shield Finance Facility. I am particularly pleased that the first new grant will enable WFP to purchase drought and tropical cyclone insurance to protect communities in the Sahel region, Madagascar, Sudan, Zimbabwe and Haiti. This investment will build climate resilience and help address acute food insecurity risks, helping WFP respond faster and save lives,” said Andrew Mitchell, Minister of State for the UK Foreign Office, Commonwealth and Development.

“Around the world, WFP is helping vulnerable people on the frontlines of the climate crisis. This funding is part of our joint efforts to build a global climate risk shield. Predictive and early action makes the difference between impact. and a climate catastrophe,” said Svenja Schulze, German Federal Minister for Economic Cooperation and Development. “This is a practical step to help countries in the Global South cope with loss and damage and shows how the Global Climate Risk Shield will protect vulnerable groups in the future.”

“We estimate that by 2040, more than 130 million people could be pushed into extreme poverty due to climate change,” said Axel van Trotsenburg, the World Bank’s chief operating officer. “Access to disaster risk financing and insurance solutions for low-income countries is part of the World Bank’s strategy to help them adapt to the growing risks of natural disasters. We will contribute to the Global Shield initiative through our analytical and advisory work, policy dialogue and country lending operations.

Since 2019, with the support of Germany, the United Kingdom and other donors, WFP has protected 4.5 million people in seven African countries through insurance policies from African Risk Capacity (ARC) ltd. To date, WFP has received five disbursements totaling US$9.9 million for four countries, which has been used to support more than 300,000 people with cash and food assistance, nutritional support and asset creation. ’emergency.

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The United Nations World Food Program is the world’s largest humanitarian organization that saves lives in emergencies and uses food aid to pave the way to peace, stability and prosperity for people who recovering from conflict, disaster and the impact of climate change.

CONTACT

Jenny Wilson, WFP/Sharm el-Sheikh,

Crowd. +39 342 123 5169

Nina Valente, WFP/ London,

Crowd. +44 (0)796 8008 474

Martin Rentsch, WFP/Berlin,
Mobile +49 160 99 26 17 30

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