Ghana – ICSC | Institute for Climate and Sustainable Cities

V20 and G7 jointly launch Global Shield against Climate Risks at COP27

Jhian Aranas2022-11-16T09:55:33+08:0014 Nov 2022|Tags: Bangladesh, COP27, Costa Rica, CVF, Fiji, G20, Germany, Ghana, Henry Kokofu, Ken Ofori-Atta, Pakistan, Philippines, Senegal, Svenja Schulze, The Global Shield, V20|

The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) today officially launched the Global Shield against Climate Risks, an initiative for pre-arranged financial support designed to be quickly deployed in times of climate disasters. Initial contributions include around EUR 170 million from Germany and more than EUR 40 million from other countries. In addition, a broad coalition of countries, multilateral institutions, non-state and private sector partners has underlined their full institutional commitment to Global Shield. The first recipients of Global Shield packages – called Pathfinder countries – include Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal.

As cost of climate change rises, UN urges compensation [Washington Post]

From drought to floods and sea level rise, the cost of damage caused by climate change will only get higher as the world warms, sparking concerns from both top officials and activists about how to pay for it. “Loss and damage from the climate crisis is not a future event. It is happening now, all around us,” said United Nations Secretary-General Antonio Guterres on a visit to Pakistan, which recently suffered from devastating floods that displaced hundreds of thousands of people and left over a thousand dead.