Harare — Germany, G7 Launch ‘Global Shield’ Climate Finance at COP27
Germany will provide U.S.$172 million to a “Global Shield” insurance initiative to help low-income and vulnerable countries to rebound in the event of climate calamities.
The Global Shield, coordinated by Germany, aims to provide rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought. It is being developed in collaboration with the ‘V20’ group of 58 climate vulnerable economies.
It aims to strengthen social protection schemes and climate risk insurance so when an extreme weather event like flooding strikes, communities can access aid quickly and recover.
Partners Commit to Advancing Solar in Developing Markets
In order to accelerate the use of solar energy in developing nations, the International Solar Alliance (ISA) and the Global Energy Alliance for People and Planet (GEAPP) have inked a grant agreement worth $10 million USD.
In accordance with the agreement, ISA will improve its programmes, create capacity in small island developing nations and least developed countries, and increase its analytics and advocacy efforts.
GEAPP is partnered with global multilateral development banks, development finance institutions and regional development banks.
New Funding Announced at COP27 to Support Early Warnings and Resilience
Initiatives supported by the World Meteorological Organization (WMO) to enhance weather predictions and early warnings and boost the resilience of communities affected by climate change have been strengthened by significant new financial pledges made at COP27.
The United States, Canada and European countries all announced new donations to projects aimed at saving lives and livelihoods in the most vulnerable countries.
“We are grateful to @POTUS for increasing financial support for #EarlyWarningsforAll in Africa, incl a new U.S.$13.6 million contribution to Systematic Observations Financing Facility that will help fill weather, water, and climate observation gaps in Africa, ” read a WMO statement.
African and Global Partners Form Multibillion-Dollar Green Infrastructure Coalition
The Alliance for Green Infrastructure in Africa (AGIA), a programme to help expand and accelerate finance for green infrastructure projects in Africa, was launched by the African Union, the African Development Bank Group, and Africa50 in collaboration with many global partners. Up to $500 million will be raised through the initiative to finance early-stage project development. With the help of this financing, a strong pipeline of bankable projects will be developed, from the pre-feasibility stage to the commercial and financial close.