At the United Nations’ COP27 climate summit on Monday, the Group of Seven leading economies unveiled the ‘Global Shield,’ an initiative that will provide immediate funding to countries hit by the devastating effects of climate change.
It will provide quick access to funds for insurance and disaster relief following flooding, drought and hurricanes, as coordinated by G7 president Germany.
The programme was created in collaboration with the ‘V20,’ a group of 58 climate-vulnerable countries led by Ghana.
Berlin issued a statement in which it named seven countries as the first recipients of packages that would be developed in the coming months: Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal.
So far, Germany has contributed $175.17 million in funding to Global Shield while other countries including Denmark and Ireland have contributed a little over $41 million.
The first draft released on Monday reportedly highlighted two major points – the divide between rich and poor nations, while the V20 countries proposed that this fund should not be ‘operationalised’ by November 2024.
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