G7 Nations Launched Climate ‘Shield’ Fund

• Global Shield Fund coordinated by G7’s president Germany and the V20 group of climate-vulnerable countries, it aims to rapidly provide pre-arranged insurance and disaster protection funding after events such as floods, droughts and hurricanes hit.

• Backed by 170 million euros ($175.17 million) in funding from Germany and 40 million euros from other donors including Denmark and Ireland, the Global Shield will in the next few months develop support to be deployed in countries including Pakistan, Ghana, Fiji and Senegal when events occur.

• 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 U.N. jargon for irreparable damage wrought by global warming.

• Some research suggests that by 2030, vulnerable countries could face $580 billion per year in climate-linked “loss and damage”.