a financing mechanism for loss and damage is “just not happening.” However, the U.S. is a member of the G7 and hence a part of the Global Shield consortium.
Harjeet Singh, head of global political strategy at the Climate Action Network, an international coalition of more than 1,800 environmental groups, said that in past years wealthy nations have used insurance programs to distract from the demand for direct loss and damage funding. He is wary of the announcement, given the lack of more concrete detail about how the Global Shield, which was earlier“The phrase is very fancy: ‘Global Shield,’” he said. “But what’s inside is unclear to many.
For example, the government of Malawi paid $4.7 million for drought insurance through the African Risk Capacity for the 2015-2016 agricultural season. But when erratic rains resulted in a prolonged drought and more than $350 million in damages, the insurance program found that the thresholds for the number of people affected by the drought were not met, and that it.
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