PH Officially Joins V20-G7 Global Shield Against Climate Risks Board

The Philippines, represented by the Department of Finance (DOF), has officially joined the Board of the Vulnerable 20 Group of Finance Ministers (V20) – Group of Seven (G7) Global Shield Against Climate Risks.

The initiative seeks to close protection gaps in climate-vulnerable countries using pre-arranged and trigger-based finance. I Photo: Federal Ministry for Economic Cooperation and Development

The 12-member board, consisting of Barbados, Fiji, Samoa, Uganda, Denmark, European Union (EU), France, Ireland, the United Kingdom (UK), and the Philippines, is co-chaired by Ghana and Germany.

The Global Shield Against Climate Risks aims to make significant progress in providing and facilitating pre-arranged protection against climate and disaster-related risks for vulnerable countries.

With EUR 270 million raised from financial contributions of nine bilateral and regional sources, including Germany, EU, France, Denmark, Ireland, Canada, UK, Japan, and the USA, the initiative seeks to close protection gaps in climate-vulnerable countries using pre-arranged and trigger-based finance.

Finance Secretary Benjamin E. Diokno stated, “We will use this seat to further the interests of the Philippines. This initiative will widen access to much-needed financial protection to make climate-vulnerable countries like the Philippines more resilient.”

Finance Undersecretary Maria Luwalhati C. Dorotan Tiuseco, representing Secretary Diokno to the Board, emphasized that climate change is a daily reality in the Philippines, affecting the country with more frequent and intense typhoons, flooding, and sea-level rise.

She stressed the need for financial protection to enhance the resilience of the Philippines.

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