IBC Costa Rica Workshop on Climate Risk and Financial Resilience

The Issue-Based Coalition (IBC) on Climate Change and Resilience convened a workshop in Costa Rica, bringing together 22 participants from UN agencies, local stakeholders, and financial sector representatives. The event, co-organized by UNEP and UNDRR, co-chairs of the IBC, aimed to explore innovative approaches to enhancing climate resilience through financial instruments, including insurance solutions and risk modeling.

The workshop addressed Costa Rica’s role as a pilot country for the Global Shield Initiative, an international effort to develop faster, more effective financial mechanisms like parametric insurance to mitigate disaster impacts. Participants discussed strategies to support small and medium-sized enterprises (SMEs), a critical sector for economic stability, and ways to reduce dependency on international aid by strengthening local resilience.

Key outcomes included a roadmap to connect financial tools, such as insurance and risk modeling, with the country's climate adaptation goals and Nationally Determined Contributions (NDCs). Discussions also highlighted the need to integrate United Nations initiatives into Costa Rica’s climate resilience framework, ensuring collaboration across sectors to deliver innovative and impactful solutions.

This event represents a significant step toward aligning regional efforts with global climate resilience priorities, emphasizing the importance of financial innovation in reducing climate vulnerabilities.