G7 countries on Monday launched a new insurance system to provide quick financial help when nations are hit by the devastating effects of climate change.
The so-called “Global Shield” is supported by the V20 group of 58 climate-vulnerable countries and will initially receive more than $200 million in funding, mainly from Germany.
Initial recipients include Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, Philippines and Senegal.
Civil society groups were skeptical, warning that this should not be used as a way to divert attention from the much broader effort to make big polluters pay for the damage and loss they cause with their greenhouse gases.
“We need a solution at the scale of the losses, and that means going beyond subsidized insurance,” said Rachel Simon of the environmental group Climate Action Network Europe.
Simon added that new funds must also be created within the oversight of the UN climate talks to ensure adequate international oversight.
Source: CNN Brasil
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