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Several countries announce launch of Global Shield initiative

A number of countries announced the launch of the Global Shield initiative on Monday, aimed at providing funding for vulnerable nations to deliver new “protection plans” for disasters.

The Global Shield, which is being coordinated by G7 president Germany, aims to provide rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought.

Developed in collaboration with the “V20” group of 58 climate vulnerable economies, the action counts Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines and Senegal amongst the initial recipients of the packages, according to a statement issued by Germany on Monday.

As the second week of talks at the COP27 conference in Egypt’s coastal resort of Sharm el-Sheikh is underway, the Global Shield is one of several attempts by richer countries to give more help without being forced to accept liability for the damages.

The three funds that make up the Global Shield would be used to help ensure that cash makes its way to the governments of affected countries within several days, as opposed to the many months normal with more traditional funding routes.

Yet, the initial contributions fall far short of the sums called for by poorer countries, and while it is expected that more money will be added over time, the Shield is unlikely to dampen calls for a broader deal on loss and damages at COP.

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