The PCRIC CEO was asked to address the 10th Ministerial Dialogue of the V20 as part of the roundtable on the G7-V20 Global Shield against Climate Risks and Debt Sustainability.
The session heard from representatives from V20 nations on the climate crisis, the rising risk of disasters, and how the Global Shield best be harnessed to set about a sea-change in pre-arranged and trigger-based financial protection against climate risks.
The PCRIC CEO made it clear that PCRIC will continue to make investments to ensure our products can build the resilience of the Pacific region, but it is clear that our member countries need premium subsidies to ensure the coverage we offer is comprehensive and can make a real difference when disaster strikes.
This message comes off the back of BMZ providing €9 million for premium subsidies for Pacific Island Countries to purchase policies from PCRIC. PCRIC is now working with the various parties to ensure these funds are transferred to PCRIC in the coming months via the Global Shield Window of the V20 Joint Multi Donor Fund.
The importance of this was reinforced by Mr Gerald. M. Zackios, Ambassador of the Marshall Islands to the United States, who urged the relevant parties to work together to ensure the full €9 million is received by PCRIC in the coming months, so our member countries are protected, for multiple years.
The CEO also took the opportunity to thank and acknowledge the critical role of the World Bank in having the vision to drive efforts toward building financial resilience in the Pacific region. It was through these efforts that PCRIC was created.