Some countries and campaigners were cautious, however, concerned it risked damaging efforts to secure a substantive deal on financial help for so-called “loss and damage” – the U.N. jargon for irreparable damage wrought by global warming.
Some research suggests that by 2030, vulnerable countries could face $580 billion per year in climate-linked “loss and damage”.
What Has Been Said:
German development minister Svenja Schulze said the Global Shield aimed to complement, not replace, progress on loss and damage.
“It is not a kind of tactic to avoid formal negotiation on loss and damage funding arrangements here,” Schulze said. “Global Shield isn’t the one and only solution for loss and damage. Certainly not. We need a broad range of solutions.”
Ghana’s finance minister Ken Ofori-Atta, who chairs the V20 group of vulnerable countries, called the creation of the Global Shield “long overdue”.
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