By Nneka Nwogwugwu
The leaders of the Group of Seven (G7) countries, have been committed to scaling up climate and disaster risk financing and insurance efforts.
The leaders of the G7 noted that their meeting in Elmau, Germany came at a time that represents a “Critical juncture for the global community, to make progress towards an equitable world.”
Climate risk and climate financing received significant attention during the meeting where progress on climate change response, adaptation and climate risk was discussed.
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The leaders reaffirmed their commitments to climate targets and recognised the effects climate change has on global peace, prosperity and security, as well as the need for climate financing to fund the response and adaptation to it.
They renewed their commitment to quickly mobilising the USD 100 billion of collective climate finance through to 2025 and to at least double the provision of climate finance for adaptation to developing countries.
The leaders also pledged to work towards a Global Shield against Climate Risks, building on the InsuResilience Global Partnership and other initiatives.
Through the Global Shield, it is hoped that the fragmented approaches to disaster risk finance and climate insurance can be brought together to provide greater benefits to countries most in-need and most at-risk.
In time, the Global Shield initiative is expected to include loss and damage, as well as longer-term climate resilience efforts as well.
