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The Global Risk Financing Facility (GRiF), is proud to share the 2021 Annual Report. The year 2021 was a banner year, featuring innovative and impactful approaches to disaster risk finance. Despite the ongoing challenge of the COVID-19 pandemic, GRiF continued to support sustainable financing to help countries better prepare for disaster and shocks.
We are proud of what we have achieved, and grateful for your support in making this possible.
This Annual Report documents activities from July 2020 through June 2021, showcasing the achievements and relevance of GRiF in an increasingly uncertain world. We look forward to continuing to share our successes in the years to come.
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GRiF is at work across the globe, helping to remove financial barriers to risk protection and contributing to the global agenda for scaling up implementation of climate and disaster risk financing. By providing financial and implementation support to World Bank projects, GRiF creates a demonstration effect by proving effectiveness and viability of our investments. In collaboration with our partners, our progress this FY brought the total value of our portfolio to more than 200 million USD awarded across 38 projects. GRiF grants support 2.2 billion USD in World Bank operations. Continue reading here.
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KNOWLEDGE, COLLABORATION, AND LEARNING
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In May 2021, GRiF launched its Technical Talks webinar series, designed to disseminate and increase knowledge and learning about GRiF and its many innovative projects. A total of seven webinars have been held thus far, and the series will continue this year as well. Resources from the previous Technical Talks, including presentations, recordings, and related learning material, can be accessed on the GRiF website.
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Over the past year, GRiF created a Gender Action Plan which outlines actions to strengthen gender-informed solutions. The plan capitalizes on existing investments in knowledge, research, and learning made by the World Bank in promoting gender equity, and on the work program of the InsuResilience Center of Excellence for Gender-Smart Solutions. We were also thrilled to contribute to the Women in Disaster Risk Finance Podcast, showcasing female leaders working in risk finance and their unique experiences. Listen to the podcasts here.
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GRiF's focus on innovation results in creative financing solutions. In 2021, GRiF supported the issuance of Jamaica's first-ever catastrophe bond, or "cat" bond. The bond will provide the Government of Jamaica with financial protection against losses for three Atlantic tropical cyclone seasons ending in December 2023. The government of Jamaica is the first in the Caribbean region, and the first of any island state, to place a catastrophe bond. This creative financial instrument won the "Closing the Protection Gap Initiative of the Year" award at the Trading Risk awards ceremony in London.
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GRiF responds to disasters in a number of ways to help countries prepare for crises and disasters. In 2021, GRiF deepened relationships with new partners like InsuResilience to catalyze impact across sectors. Coordination with partners ensures that impact is leveraged instead of duplicative. This helps provide governments with new ways to adapt and respond to the financial impact of climate shocks and crises. GRiF grants are integrated into World Bank projects, which provides comprehensive assistance to assist countries in preparing for disasters. Continue reading here.
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