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The G7-led plan aims to rapidly provide prearranged insurance and protection funding after devastating events occur.

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…

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. The scheme is designed to kick in with aid in the event of climate-related disasters in vulnerable nations. But critics argue it doesn’t cover slower climate change effects, such as rising seas or the slow loss of arable land, nor does it account for historical harms.

SHARM EL-SHEIKH - A handshake in lush Bali is being felt at climate talks thousands of miles away in the Egyptian desert, where lack of progress had a t

Bali meeting between heads of world's two biggest polluters could lead to resumption of climate negotiations between them, with little progress made at COP27 summit