Global Shield initiative is just a ‘distraction’ and should not be mistaken for loss and damage funding, says ActionAid International

Commenting on the latest announcement at COP27 on the Global Shield initiative, Teresa Anderson, Global Lead on Climate Justice for ActionAid International said:

“At COP27 there’s huge pressure on rich countries to agree to a financing facility on loss and damage, so that communities on the front lines of the climate crisis can rebuild and recover after disasters. While the Global Shield initiative is a sign that countries recognise the need to do something, this is a distraction.

“Everyone knows that insurance companies, by their very nature, are either reluctant to provide coverage, or reluctant to pay out. But when it comes to loss and damage this is a matter of life and death. An initiative that involves Northern countries subsidising Northern-owned insurance corporations should not be mistaken for loss and damage finance that supports communities on the front lines of the climate crisis.”

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About ActionAid

ActionAid is a global federation working with more than 15 million people living in more than 40 of the world’s poorest countries. We want to see a just, fair, and sustainable world, in which everybody enjoys the right to a life of dignity, and freedom from poverty and oppression. We work to achieve social justice and gender equality and to eradicate poverty.