COP27 in Review - Climate Talks Delivered Big Gains for Africa, but Also Several Challenges TC_Africa: Africa AfricaClimateCrisis ClimateChange Climate COP27
Relatedly, COP27 also saw the Group of Seven and Vulnerable 20 Group of Finance Ministers launching a new insurance system to provide financial aid to vulnerable nations hit by the effects of climate change, called the. It will receive an initial €200million of funding. Early recipients of this financing include Ghana, Pakistan, and Bangladesh.
The alliance aims to generate a robust pipeline of bankable transformational projects and catalyse financing at scale for Africa's infrastructure development. Secondly, despite the notable achievements made on loss and damage, there was no consensus on the size of the loss and damage fund stream, who pays - and, most importantly, who controls and manages the fund.
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