COP 27 World Bank will host facility for climate disaster risk – Malpass

The World Bank will host a new facility that will help countries that suffer heavy economic loss due to climate change-driven disasters, its president David Malpass said on Tuesday.

Malpass announced the new instrument, called the Global Shield Financing Facility, at a meeting with German Chancellor Olaf Scholz, who has spearheaded the effort among G7 members to create a programme to give vulnerable countries access to disaster risk finance and insurance.

Scholz announced at the UN Climate Change Conference in Egypt on Monday that it will offer 170 million euros for the Global Shield programme.