
During COP 27, the World Bank Group launched the Global Shield Facility – a mechanism that will contribute to financing the Global Shield against Climate Risk to protect the most vulnerable countries against climate disasters. The Global Shield against Climate Risk or Global Shield, in short, is a collaborative partnership between G7 and V20 to fast-track access to pre-arranged finance which is deployed swiftly and reliably before or soon after climatic shocks and disasters strike. The German government through its G7 chairmanship spearheaded the launch of the Global Shield. Through the...