World Bank to host Global Shield Financing Facility for climate risks
09 Nov 22 1 min read
Germany will offer €170 million for the Global Shield programme, Scholz, who has spearheaded the effort among G7 members to start an initiative to offer vulnerable countries access to disaster risk finance and insurance, announced at the conference.
“We will also support those countries hit hardest by climate change in a targeted way in dealing with loss and damage,” Scholz was quoted as saying at the COP27 summit by global newswires.
Belgium committed €2.5 million to the facility for Mozambique from 2023 to 2028. The Belgian funding would focus on preventing and limiting loss and damage, for example by mapping areas vulnerable to storm surges, and rolling out early warning systems.
Cyclone Idai caused about $1.4 billion in total damage and $1.39 billion in losses in Mozambique in 2019, according to an assessment by the International Labour Organisation.
Fibre2Fashion News Desk (DS)
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