Announcements at COP27 on the Global Shield against climate risks
The Global Shield put forward by some developed countries in cooperation with the V20 group of vulnerable developing countries can become a useful complement for these countries to better deal with climate impacts in addition to a much-needed Loss and Damage Finance Facility under the UNFCCC.
Sven Harmeling- CARE Climate Justice Global Policy Lead says:
“A few rich countries have made pledges here at COP27 to support the shield, these include Germany (170 million Euro), Austria (20 million Euro) and Ireland (10 million Euro). The finance must be new and additional and should not be counted towards adaptation finance, as the latter is anyway underfunded. The contributions, if labeled climate finance, should primarily go into the V20 multi-donor trust fund component of the global shield as it may be best designed to channel grant finance to affected communities.
Insurance type approaches often face challenges in addressing the needs of the most vulnerable, for example because of unaffordable premiums or small payouts well below the damage experienced. They often also do not and may come with unfavorable financial terms that insufficiently reflect the need for main emitters to take their responsibility, so insurance approaches need to be carefully designed to match pro-poor principles and gender considerations.”
//ENDS//
Background info on the Global Shield:
https://www.v-20.org/global-shield-against-climate-risks
For more details on CARE’s policy positions for COP27 see here. The 27th UN Climate Change Conference of the Parties is being hosted by Egypt and will take place from the 6th– 18th November
Notes to Editors
Spokespeople attending COP27 available for comments.
Contact
Walter Mawere, Global Communications Lead for CARE Climate Justice Center, walter.mawere@care.org WhatsApp: +263773576324