A scheme to give speedy financial support to communities battered by climate disasters was launched Monday by a group of rich and developing nations at the UN COP27 summit in Egypt.
The "Global Shield against Climate Risks" comes as many of the most vulnerable nations are also demanding wider compensation for the "loss and damage" they have already suffered from a heating planet.
"It has never been a question of who pays for loss and damage, because we are paying for it," he said in recorded remarks at the summit in the Egyptian resort of Sharm El-Sheikh. A first group of nations that will benefit from the scheme includes Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal.Nations at the COP27 agreed this year for the first time to include the thorny topic of loss and damage on the formal agenda, after years of reluctance from richer polluters wary of creating open-ended liability.
"The Global Shield isn't the one and only solution for loss and damage, certainly not," she said, adding that more funding will be needed to cover more countries.The Global Shield is designed to provide a range of financial, social and credit protection and insurance for loss of crops, livestock, property and other goods.
Ninety-eight percent of the nearly 1.5 billion people in V20 countries do not have financial protection, it said.
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