This report focuses on sovereign climate and disaster risk pools as a mechanism to enhance financial protection of national and subnational governments. It discusses for G20 consideration how those pooling mechanisms could be further expanded and replicated, how the cooperation between G20 countries and developing countries could be further strengthened to integrate disaster and climate risk into broader financial protection strategies for vulnerable people, and how to set expectations about the role of catastrophe risk pools as a meaningful, cost-effective instrument to that end.