The Group of Seven leading economies launched a new insurance system Monday to provide swift financial aid when nations are hit by devastating effects of climate change.
The so-called Global Shield is backed by the V20, an alliance of climate vulnerable nations chaired by Ghana, and the G-7 chaired by Germany. The scheme is designed to kick in with aid in the event of climate-related disasters in vulnerable nations. But critics argue it doesn't cover slower climate change effects, such as rising seas or the slow loss of arable land, nor does it account for historical harms.
