Interconnected and often devastating covariate shocks are a threat to human development. Covariate shocks are shocks that affect large numbers of people or communities at once and can be natural, economic, or political. Occurrence and the human devastation from natural disasters has increased over the last 50 years, and the negative impacts of climate change are expected to exacerbate this trend (Bowen et al. 2020). Displacement reached a post–World War II record high of 68.5 million forcibly displaced persons in 2019 (World Bank 2019). Economic shocks are increasingly recurrent: in 2007–08, a dramatic increase in food prices sent millions into poverty (World Bank 2017); the COVID-19 pandemic had devastating effects on the lives and livelihoods of the most vulnerable; and, more recently, the Russian invasion of Ukraine has been having dire effects on the food security of the poorest and most vulnerable people in many countries (World Bank 2022b).