WFP, World Bank Cooperate to Support Communities Vulnerable to Climate Shocks

Sharm el-Sheikh: The United Nation’s World Food Programme (WFP) and the World Bank signed an agreement today to scale up disaster risk protection financed by Germany and the United Kingdom for vulnerable communities and nations faced with catastrophic climate extremes like storms and drought. 
 
As world leaders confront the global climate crisis at the annual UN Climate Change Conference (COP27), this initiative underscores the importance of investment in climate action to protect vulnerable communities when disasters strike.
 
Under this agreement, WFP will receive US$20 million from Germany and the United Kingdom through the World Bank’s Global Shield Financing Facility. 

The funding will support the expansion of WFP’s climate and disaster risk financing cover in 23 countries across the globe, protecting up to 4.6 million people from climate risks over the next two years.
 
"The financial protection that climate risk insurance provides means more lives saved, livelihoods preserved, infrastructure protected and communities empowered. Having predictable financing ready when climate impacts materialize is crucial in supporting farmers and communities to minimize climate-induced losses and damages," said Ute Klamert, WFP Deputy Executive Director, in a media release on Wednesday. 
 
"Working together with the Global Shield, we aim to bring more and more communities into our programmes, shielding them from the growing threat of climate impacts," Klamert added.
 
The disaster risk finance policies purchased by WFP through this contribution will complement those purchased by governments, increasing the number of people protected and strengthening responses so vulnerable people can be reached more quickly as a climate-related disaster hits.
 
This funding will support WFP’s contribution to the goals of the newly announced Global Shield against Climate Risks, an initiative of the G7 and V20 to scale up protection for climate risks before a crisis occurs. This includes early warning systems, preparedness plans and financing systems that include insurance schemes as well as social protection systems.
 
Since 2019, with support from Germany, the UK and other donors, WFP has protected 4.5 million people in seven African countries with insurance policies from African Risk Capacity (ARC) Ltd. To date, WFP has received five payouts totalling US$9.9 million for four countries, which was used to support more than 300,000 people with cash and food assistance, nutrition support and emergency asset creation.
 
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