Svenja Schulze – 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.

V20 and G7 agree on financial protection cooperation, to formally launch Global Shield Against Climate Risks at COP27

The V20 Group of Finance Ministers from climate vulnerable economies and the G7 Presidency today announced they have reached agreement on a financial protection cooperation that responds to loss and damage as a contribution to the Paris Agreement on climate change. V20 and G7 will jointly launch the Global Shield against Climate Risks at COP27 in a wider effort to accelerate pre-arranged financing at speed and scale.