“Climate risk management is not only about risk transfer and risk retention, it’s about understanding risk first,” said Astrid Zwick, a co-director of the Global Shield secretariat.
A EUR350 million ($496.15 million) program seeking to ease the financial burden of climate disasters for the world’s most vulnerable countries has dispersed only EUR5.2 million in two years, according to the managers of the fund.
The Global Shield was launched at the United Nations COP27 climate talks in Sharm El-Sheikh, Egypt with the support of the Group of Seven countries, led by Germany in 2022. Its bespoke approach to designing aid packages that fit a country’s needs is taking years.
