COP27: Global Shield ‘cynical distraction’ from need for new Loss & Damage finance

Responding to the launch of Germany and the G7’s Global Shield against climate risks, Rachel Kennerley, international climate campaigner at Friends of the Earth, said: 

“New funding is urgently needed to support the communities facing devastating loss and damage due to the impacts of the climate crisis.

“But wealthy governments funnelling money from existing finance pledges to subsidise insurance companies is not the solution that climate vulnerable countries have been calling for.

“At COP27, we need to see the world’s worst historic emitters, like the G7, stop sidestepping their responsibility and commit to provide support directly to those on the frontlines of a crisis they did the least to cause.”

Bareesh Chowdhury, Asia Pacific regional facilitator at Friends of the Earth International, said:

“Here at the climate talks, countries facing devastating storms and deadly floods are demanding a funding facility to help them deal with these worsening disasters.

“But instead of meeting their call, Germany and other rich governments are distracting from this vital need for finance by proposing their own cynical scheme that focuses on insurance instead of badly needed funds.”