MCII Analysis of the Outcome of the G20 Summit

Hamburg, 8 July 2017

The G20 summit in Hamburg provided one of the rare chances to further the climate policy debate on the highest political level.

Taking note of the decision of the United States of America to withdraw from the Paris Agreement all other 19 leaders of G20 members stated that the Paris Agreement is irreversible. In the G20 outcome document – the Leader’s Declaration – they reaffirmed their strong commitment to the Agreement in accordance with the principle of common but differentiated responsibilities and respective capabilities. In order to swiftly move towards the full implementation of the Agreement they decided on the “G20 Hamburg Climate and Energy Action Plan for Growth” (CEAP, to be found in the Annex of the Leader’s declaration).

In their Leader’s Declaration, the G20 highlight the importance to assist developing countries with respect to both mitigation and adaptation actions in line with Paris outcomes. For the first time in the history of the G20 process, also the topics of resilience and adaptation are substantively addressed as part of a G20 outcome. With their decisions, the G20 actively support achieving the Paris adaptation goal of enhancing adaptive capacity, strengthening resilience and reducing vulnerability to climate change.

The following bullets summarise the resilience related sections of the G20 outcome - you can read the full analysis by reading the full MCII evaluation of the CEAP, Initiates file downloadhere.

  • Acknowledgement that climate change is real and that it hampers development.

  • Addressing adaptation through existing and new instruments.

  • Special focus on climate risk insurance (CRI).

  • Closing the protection gap.

  • A new global partnership for CRI.

 

Recommendations on implementation and follow-up activities:

  1. Setting up and operationalising the Partnership on CRI by harnessing G20 commitment; timely definition of a governance structure with clear roles and decision making concepts; establishing formal mechanisms to learn from ongoing work and actively seeking synergies; setting the meaningful and coordinated participation of all relevant stakeholders as guiding principle.

  2. Insurance solutions under the Global Partnership should follow a principles based approach to climate risk insurance and be designed to safeguard public goods (e.g. open-access data, etc.) and interests (e.g. by closing the protection gap).

  3. Supporting the active usage of CRI approaches by inter alia, providing financial support to mosst affected countries; investing in transparent national structures and plans to ensure effective disbursement of funds and reaching affected people.

  4. Further G20 dialogue: This outcome can only represent the start of the conversation - the G20 need to continue the discussions in a systemic manner by establishing a G20 working group on adaptation and resilience.


MCII welcomes the G20 cooperation on climate resilience and the creation of the Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions. MCII, through its unique set-up, provides a forum and gathering point for insurance-related expertise on climate change impacts. The Initiative brings together insurers, experts on climate change and adaptation, NGOs and researchers intent on finding effective and fair solutions to the risks posed by climate change – willing to bring their expertise into the implementation discussions around the G20 outcomes on adaptation and resilience, in particular the Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions.

Read the MCII press release in advance to the G20 Summit, Initiates file downloadhere.