Financial Resilience against Climate Shocks and Disasters - World Bank Technical Contribution to the 2023 G7 Finance Track under Japan’s Presidency

In a world affected by growing and overlapping crises that threaten economic development and human well-being, financial resilience against climate shocks and disasters is needed to protect livelihoods and people. Building financial resilience requires policy actions and financial mechanisms to strengthen both financial preparedness and operational preparedness. Private capital mobilization is key to improve financial resilience. Financial resilience complements and reinforces investments in physical and social resilience. 

This technical note reviews progress in financial resilience since 2019, when the World Bank issued its technical report for the 2019 G20 Presidency, and it sets out key considerations for mainstreaming financial resilience in the development agenda. The technical note presents an overview of recent progress in financial protection and presents new frontiers for enhanced financial protection.