Climate Briefs - Funding for Solar, Infrastructure and Warning Systems Announced at COP27... allafrica: Africa ClimateChange AfricaClimateCrisis 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.In order to accelerate the use of solar energy in developing nations, the International Solar Alliance and the Global Energy Alliance for People and Planet 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.with global multilateral development banks, development finance institutions and regional development banks.
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