SHARM EL-SHEIKH, Egypt – A G7-led plan dubbed "Global Shield" to provide funding to countries suffering climate disasters was launched at the United Nations COP27 summit on Monday , although some questioned the effectiveness of the planned scheme.
Some countries and campaigners were cautious, however, concerned it risked damaging efforts to secure a substantive deal on financial help for so-called "loss and damage" – the UN jargon for irreparable damage wrought by global warming. Some research suggests that by 2030, vulnerable countries could face US$580 billion per year in climate-linked "loss and damage".
"We are not yet persuaded, especially of the insurance elements," Avinash Persaud, Special Envoy on Climate Finance to Barbados Prime Minister Mia Mottley, told Reuters.
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