Leaders acknowledge need for scaled up action to address climate loss and damage
The leaders of the Group of Seven (G7) met in Elmau, Germany, between June 26th and 28th. In the G7 declaration, the G7 committed to scaling up climate and disaster risk finance and insurance (CDRFI) and working towards a Global Shield against climate risks. Details of such a Global Shield have previously been articulated by a G7 Development Minister Meeting in mid May. The Global Shield consists of a strengthened coordination mechanism for Climate and Disaster Risk Finance and Insurance (CDRFI), a commitment for insurance premium support and additional financing for CDRFI.
Additionally, G7 Heads of States recognize the urgent need to upscale support to address climate loss and damage, and task their development ministers to advance the operational details of the Shield before the climate summit COP 27 in Egypt end of the year. “Hearing the acceptance by G7 leaders to urgently address loss and damage is a welcomed change of tone”, says Sönke Kreft, MCII Executive Director. “The proof is in the pudding: The Global Shield needs to increase disaster risk finance options on the ground to be able to steer the next climate summit to a success”, he adds.