Climate disaster aid scheme ‘Global Shield’ launched at COP27
2 years, 1 month ago

Climate disaster aid scheme ‘Global Shield’ launched at COP27

Al Jazeera  

The G7-led plan aims to rapidly provide prearranged insurance and protection funding after devastating events occur. A G7-led plan dubbed “Global Shield” to provide funding to countries suffering climate disasters has been launched at the United Nations COP27 summit, although some questioned the effectiveness of the planned scheme. Ghana’s Finance Minister Ken Ofori-Atta, who chairs the V20 group of vulnerable countries, called the creation of the Global Shield “long overdue”. “Our economies pay for it in lost growth prospects, our enterprises pay for it in business disruption, and our communities pay for it in lives and livelihoods lost.” ‘We are not yet persuaded’ Yet some vulnerable countries questioned the scheme’s focus on insurance, with insurance premiums adding another cost to cash-strapped countries that have low carbon emissions and contributed least to the causes of climate change. ‘Life and death’ A formal loss and damage funding stream would likely go further, also covering longer-onset climate impacts such as sea level rise and threats to cultural heritage.

Insurance Loss Funding Aid V20 Vulnerable Countries Climate Damage Global Shield  scheme  cop27  climate  damage  loss  vulnerable  countries  launched  insurance  v20  global  shield  aid  disaster  funding

History of this topic

G20 nations reach climate finance breakthrough that eluded COP29 talks: Report
1 month, 1 week ago

G20 nations reach climate finance breakthrough that eluded COP29 talks: Report

India Today  

Diplomatic tensions over global warming spilled over into the G20 summit negotiations in Brazil this week, with sources saying the 20 major economies reached a fragile consensus on climate finance that had eluded UN talks in Azerbaijan. G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. …

COP29: Report reveals significant gaps in climate action among G20 nations
1 month, 1 week ago

COP29: Report reveals significant gaps in climate action among G20 nations

India Today  

As world leaders gather for COP29 in Baku, a new study by the Council on Energy, Environment and Water reveals significant gaps in climate action among G20 nations. The study also highlights the need for better data on loss and damage, with 65% of reported climate events lacking economic damage data, particularly in Least Developed Countries and Small Island Developing …

Don’t applaud the COP28 climate summit’s loss and damage fund deal just yet – here’s what’s missing
1 year ago

Don’t applaud the COP28 climate summit’s loss and damage fund deal just yet – here’s what’s missing

The Hindu  

Shortly after the opening ceremony of the 2023 United Nations climate negotiations in Dubai, delegates of nations around the world rose in a standing ovation to celebrate a long-awaited agreement to launch a loss and damage fund to help vulnerable countries recover from climate-related disasters. A brief history of loss and damage “Breakthrough” was the term often used to describe …

What's happening at COP28 climate summit on Monday
1 year ago

What's happening at COP28 climate summit on Monday

India Today  

As the world's leaders have departed from the bustling conference halls of Expo City Dubai, the focus of COP28 shifts to a critical aspect of climate action: finance. Monday marks the finance day at the U.N. climate summit, a day anticipated to bring forth more nuanced discussions and potential funding announcements dedicated to combating climate change. In the initial days …

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?
1 year ago

COP28 climate summit just approved a ‘loss and damage’ fund. What does this mean?

The Hindu  

Day one of the COP28 climate summit saw the first big breakthrough: agreement on a “loss and damage” fund to compensate poor states for the effects of climate change. Met with a standing ovation in Dubai, the agreement means wealthy states and major polluters will put millions of dollars towards a fund that will in turn distribute funds to poor …

COP28: Loss and damage fund, climate finance among India's key focus at climate summit, says Env min
1 year ago

COP28: Loss and damage fund, climate finance among India's key focus at climate summit, says Env min

Firstpost  

The present COP Presidency has prepared a draft proposal to operationalise the loss and damage fund which confirms what the Loss and Damage Fund technical committee had recommended in its last meeting that the World Bank be the interim host of the fund. Environment Minister Bhupendra Yadav said on Thursday that the ’loss and damage fund’, climate finance and issues …

Failure to agree on Loss and Damage facility could risk progress at COP28
1 year, 1 month ago

Failure to agree on Loss and Damage facility could risk progress at COP28

Hindustan Times  

The fourth meeting of the Transitional Committee on Loss and Damage Fund ended without a clear consensus on operationalising the fund last week, exposing a deep trust deficit among rich and emerging economies over historic responsibility, climate reparations and making money available for compensation. According to TWN, a non-profit international research and advocacy group, developed countries pushed for the fund …

Countries deadlocked on 'loss and damage' fund as UN climate summit nears
1 year, 2 months ago

Countries deadlocked on 'loss and damage' fund as UN climate summit nears

The Hindu  

Countries are deadlocked over how to design a fund to help countries recover and rebuild from climate change-driven damage, with just over 30 days left before crucial United Nations climate negotiations kick off in Dubai. Two dozen countries involved in a committee tasked with designing a "loss and damage" fund wrapped up the last meeting in the early hours of …

Climate ‘loss and damage’ talks ahead of COP28 end in failure
1 year, 2 months ago

Climate ‘loss and damage’ talks ahead of COP28 end in failure

The Hindu  

A crucial meeting on climate "loss and damages" ahead of COP28 ended in failure on Saturday, with countries from the global north and south unable to reach an agreement, according to sources involved in the talks. The agreement to set up a dedicated fund to help vulnerable countries cope with climate "loss and damage" was a flagship achievement of last …

After Cop27 – what next for the battle against the climate crisis?
2 years ago

After Cop27 – what next for the battle against the climate crisis?

The Independent  

Our planet is still in the emergency room – this was the parting shot of the UN secretary general, Antonio Guterres, at the end of the Cop27 climate summit in Egypt. If loss and damage was the crowning achievement of Cop27, it is widely accepted that the summit failed to make meaningful progress to reduce emissions The agreement also calls …

The dust has settled on Cop27. Here’s what we can make of its failures
2 years ago

The dust has settled on Cop27. Here’s what we can make of its failures

The Independent  

It’s been a few weeks since the final gavel came down on Cop27, the United Nations’ annual climate conference, held this time around in Sharm el-Sheikh. There was progress in the shape of a historic “loss and damage” fund – long called for by countries already bearing the brunt of severe climate impacts. There was also a very real fear …

COP27 fails to improve on COP26 but loss and damage fund the saving grace
2 years ago

COP27 fails to improve on COP26 but loss and damage fund the saving grace

The Hindu  

Published : Nov 29, 2022 14:31 IST Some 30 years ago, in 1991, the Pacific island nation of Vanuatu put the term “loss and damage” on the table of the UN climate negotiations, which finally saw some tangible progress at the 27th session of the Conference of the Parties to the UN Framework Convention on Climate Change. The Glasgow declaration …

COP27 ‘loss and damage’ fund: What does South Asia have to gain from it?
2 years, 1 month ago

COP27 ‘loss and damage’ fund: What does South Asia have to gain from it?

The Hindu  

Published : Nov 22, 2022 15:11 IST Countries that participated in this year’s UN climate summit in the Egyptian resort city of Sharm el-Sheikh agreed on November 20 to set up a “loss and damage” fund to help developing and climate-vulnerable countries overcome the devastating effects of worsening weather extremes. “Countries must now work together to ensure that the new …

Paying for the loss and damage due to the changing climate
2 years, 1 month ago

Paying for the loss and damage due to the changing climate

The Hindu  

After a fortnight of difficult negotiations at the 27th Conference of the Parties to the UN Framework Convention on Climate Change — or COP27 — at Sharm el-Sheikh, Egypt, the participating nations agreed to set up a new fund to help developing countries address loss and damage from the severe effects of a changing climate. The Sharm el-Sheikh Implementation Plan …

Dutch climate minister says Cop27 results are 'extremely disappointing'
2 years, 1 month ago

Dutch climate minister says Cop27 results are 'extremely disappointing'

Dutch News  

Dutch climate minister Rob Jetten has described the lack of progress at the climate talks in Sharm El-sheikh after ‘two difficult weeks’ as ‘extremely disappointing’. ‘This is extremely disappointing.’ The 27th United Nations climate summit, hosted by Egypt, focused on measures to implement current agreements, such as the 1.5 degree limit to global warming, as well as climate adaptation. There …

Dutch climate minister says Cop27 results are 'extremely disappointing'
2 years, 1 month ago

Dutch climate minister says Cop27 results are 'extremely disappointing'

Dutch News  

Dutch climate minister Rob Jetten has described the lack of progress at the climate talks in Sharm El-sheikh after ‘two difficult weeks’ as ‘extremely disappointing’. ‘This is extremely disappointing.’ The 27th United Nations climate summit, hosted by Egypt, focused on measures to implement current agreements, such as the 1.5 degree limit to global warming, as well as climate adaptation. There …

COP27 | India hails ‘Loss and Damage’ compensation fund approved at U.N. climate summit
2 years, 1 month ago

COP27 | India hails ‘Loss and Damage’ compensation fund approved at U.N. climate summit

The Hindu  

India on Sunday called as historic the U.N. climate summit in Egypt for securing an agreement on establishing a fund to address ‘Loss and Damage’ due to climate change-induced disasters, saying “the world has waited far too long for this”. He welcomed the inclusion of "transition to sustainable lifestyles and sustainable patterns of consumption and production in our efforts to …

COP27 establishes ‘Loss and Damages’ fund for climate reparations
2 years, 1 month ago

COP27 establishes ‘Loss and Damages’ fund for climate reparations

The Hindu  

Delegates at the U.N.’s climate conference in Sharm el-Sheikh, Egypt thrashed out an agreement on Sunday to establish a ‘Loss and Damages’ fund to compensate the most vulnerable countries for damages from climate-linked disasters, after nearly 40 hours of negotiation beyond the prescribed Friday deadline. Crucial questions — such as who will manage this fund, whether contributions are expected from …

COP27: Rich nations agree on 'loss and damage' climate aid to poor in landmark deal
2 years, 1 month ago

COP27: Rich nations agree on 'loss and damage' climate aid to poor in landmark deal

India Today  

A historic deal has been reached at the 27th United Nations Climate Change Conference commonly known as COP27 to create a fund to compensate poor nations that are victims of extreme weather. This is because rich nations want developing nations to cut down emissions in the coming decade to meet climate targets under the Paris accord. The deal will ensure …

Countries agree on overarching climate deal and approve 'loss and damage' fund
2 years, 1 month ago

Countries agree on overarching climate deal and approve 'loss and damage' fund

ABC  

The COP27 summit delegates have agreed on an overarching climate deal at a closing plenary session in Sharm el-Sheikh, Egypt. Key points: The loss and damage fund will help developing countries to bear the immediate costs of climate-fuelled events Experts described the fund decision as historic The fund would initially draw on contributions from developed countries The summit also officially …

COP27: Who will pay for climate ‘loss and damage’ fund?
2 years, 1 month ago

COP27: Who will pay for climate ‘loss and damage’ fund?

Al Jazeera  

Countries agree to set up a new fund but details are still to be worked out on who would contribute to the fund and who would benefit. The UN climate summit agreed on Sunday to set up a “loss and damage” fund to support poorer countries being ravaged by climate impacts, overcoming decades of resistance from rich nations who contribute …

Historic ‘loss and damage’ fund adopted at COP27 climate summit
2 years, 1 month ago

Historic ‘loss and damage’ fund adopted at COP27 climate summit

Al Jazeera  

Countries at the COP27 summit agree to set up a compensation fund for poor nations suffering the impact of climate change. Countries at the United Nations COP27 climate summit in Egypt have adopted a final agreement that establishes a fund to help poor nations cope with the extreme weather events caused by global warming. The plenary session approved the document’s …

COP27 | U.N. climate talks poised for deal creating ‘loss and damage’ fund
2 years, 1 month ago

COP27 | U.N. climate talks poised for deal creating ‘loss and damage’ fund

The Hindu  

Delegates at the U. N. climate conference in Sharm El-Sheikh continue to negotiate a final agreement, with the latest draft suggesting the creation of a fund to compensate a section of developing countries for the damage already done by disasters linked to climate change. “This is how a 30-year-old journey of ours has finally, we hope, found fruition today,” said …

COP27 climate summit considers new proposal for 'loss and damage' fund
2 years, 1 month ago

COP27 climate summit considers new proposal for 'loss and damage' fund

The Hindu  

The United Nations climate agency on November 19 published the latest draft proposal for a deal to tackle the issue of "loss and damage" that said the summit would agree to launch a new fund to help countries cope with the cost of climate damage. The draft, which would need approval from the nearly 200 countries at the COP27 summit …

Science-Wise: No COP27 for Poor Nations? Silence on Phasing Down Fossil Fuels May Delay Climate Action
2 years, 1 month ago

Science-Wise: No COP27 for Poor Nations? Silence on Phasing Down Fossil Fuels May Delay Climate Action

News 18  

After two weeks of intense negotiations among 190 nations to finalise a strong global climate deal, the 27th United Nations Climate Summit — COP27 — is finally drawing to a close. It has been over a decade since the rich nations, who continue to emit and disproportionately consume the global carbon budget, committed to providing $100 billion a year to …

Vulnerable countries demand progress on climate change loss and damage fund
2 years, 1 month ago

Vulnerable countries demand progress on climate change loss and damage fund

The Independent  

Sign up to the Independent Climate email for the latest advice on saving the planet Get our free Climate email Get our free Climate email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Small island developing states will no longer stand for delay on loss and damage finance Molwyn Joseph, Aosis chairman …

Explained: What is the ‘Global Shield’ climate fund launched at COP27 and who will it benefit?
2 years, 1 month ago

Explained: What is the ‘Global Shield’ climate fund launched at COP27 and who will it benefit?

Firstpost  

Dubbed ‘Global Shield’, the Group of Seven has announced an initiative to make funding available for low-income and vulnerable countries hit by climate disasters. The plan, dubbed ‘Global Shield’, is coordinated by G7 president Germany and aims to rapidly provide insurance and disaster protection funding in the event of floods, drought and other climate calamities in climate-vulnerable nations. David Ryfisch …

G7 launches climate 'Shield' fund, some countries wary
2 years, 1 month ago

G7 launches climate 'Shield' fund, some countries wary

The Hindu  

A G7-led plan dubbed "Global Shield" to provide funding to countries suffering climate disasters was launched at the U.N. COP27 summit on Monday, although some questioned the effectiveness of the planned scheme. Some research suggests that by 2030, vulnerable countries could face $580 billion per year in climate-linked "loss and damage". Ghana's finance minister Ken Ofori-Atta, who chairs the V20 …

COP27: G7 Nations Launch 'Global Shield' Plan To Fund Disaster-Hit Countries, Report Says
2 years, 1 month ago

COP27: G7 Nations Launch 'Global Shield' Plan To Fund Disaster-Hit Countries, Report Says

ABP News  

COP27: The G7 nations launched a plan called 'Global Shield' at the 27th United Nations Climate Change Conference on November 14, 2022. The Global Shield plan aims to rapidly provide pre-arranged insurance and disaster protection funding after natural disasters such as floods, droughts and hurricanes, a Reuters report says. The Global Shield plan is backed by 170 million euros in …

Insurance fund for climate impacts announced at UN talks
2 years, 1 month ago

Insurance fund for climate impacts announced at UN talks

Associated Press  

SHARM EL-SHEIKH, Egypt — The Group of Seven leading economies launched a new insurance system Monday to provide swift financial aid when nations are hit by devastating effects of climate change. The so-called Global Shield is backed by the V20, an alliance of climate vulnerable nations chaired by Ghana, and the G-7 chaired by Germany. “We need a solution at …

African nations push for funding to adapt to climate change
2 years, 1 month ago

African nations push for funding to adapt to climate change

The Hindu  

Battling droughts, sandstorms, floods, wildfires, coastal erosion, cyclones and other weather events exacerbated by climate change, the African continent needs to adapt, but it needs funds to do so, leaders and negotiators from the continent said at the U.N. climate summit. Mr. Shitima said the summit “should provide solutions to the millions of people in the continent,” adding that Africa …

African nations push for funding to adapt to climate change
2 years, 1 month ago

African nations push for funding to adapt to climate change

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Battling droughts, sandstorms, floods, wildfires, …

Africa hopeful as COP27 starts
2 years, 1 month ago

Africa hopeful as COP27 starts

China Daily  

Continent a minimal polluter but hugely impacted by warming and wants action Participants and delegates work in the Africa pavilion at the Sharm El-Sheikh International Convention Centre in Egypt's Red Sea resort city of Sharm El-Sheikh on Sunday, the first day of the United Nations climate change conference, or COP27. LUDOVIC MARIN/AFP African climate change campaigners are optimistic that the …

COP27 | U.N. climate talks open in Egypt, climate compensation on agenda for first time
2 years, 1 month ago

COP27 | U.N. climate talks open in Egypt, climate compensation on agenda for first time

The Hindu  

Delegates at the the U.N.’s COP27 climate summit in Egypt agreed after late-night talks to put the delicate issue of whether rich nations should compensate poor countries most vulnerable to climate change on the formal agenda for the first time. The loss and damage discussions now on the COP27 agenda will not guarantee compensation or necessarily acknowledge liability, but are …

Climate Change: Show us the money, say developing countries
2 years, 1 month ago

Climate Change: Show us the money, say developing countries

Live Mint  

The UN Secretary General, António Guterres said it quite succinctly a few days ago: “We need a global surge in adaptation investment to save millions of lives from climate carnage. Every year, the impacts of the climate crisis—from wildfires to droughts to disastrous flooding and superstorms—are increasing manifold, and in order to cope with this reality, countries need to urgently …

What’s at stake for COP27 climate talks in Egypt?
2 years, 1 month ago

What’s at stake for COP27 climate talks in Egypt?

Al Jazeera  

Developing countries experiencing the worst effects of climate change will aim to obtain financial help from rich nations responsible for the biggest share of emissions. The Conference of the Parties is the supreme decision-making forum of the United Nations Framework Convention on Climate Change, an international environmental treaty signed by 198 countries and which came into force in 1994 to …

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