Pirate's Cove

What could possibly go wrong a scheme to move vast amounts of Other People’s money around?

Wealthy Countries Propose ‘Global Shield,’ a Climate Change Insurance Plan

Tensions at the United Nations climate change conference known as COP27 have been running high, largely over the issue of what’s called “loss and damage” — shorthand for the disproportionate suffering that the developing world is already experiencing at the hands of climate change. In the most concrete response yet to the issue, on Monday a group of countries led by Germany announced their commitment to developing “a Global Shield against Climate Risks” to help people in the least developed countries better prepare for climate-fueled disasters.

The Global Shield is a joint initiative by the G7, a political forum consisting of the world’s most industrialized countries, and the V20, which is represented by the finance ministers of 58 of the countries most vulnerable to climate change. The German government has committed roughly $175 million to the effort, which intends to address loss and damage through insurance programs and social security schemes. Denmark, Ireland, Canada, and France have also contributed about $42 million to the initiative. (snip)

While there are few details yet on exactly how the Global Shield will work, German federal development minister Svenja Schulze said the program will include insurance programs, social security schemes, early warning systems, and other financial assistance arranged in advance before disaster strikes. Bangladesh, Costa Rica, Fiji, Ghana, Pakistan, the Philippines, and Senegal will be the first recipients of “Global Shield packages,” according to a press release.

How much will be siphoned off the top for all the special interests, climate cult leaders, and government big wigs in these V20 nations, never making it to the people it’s supposed to help? How many of the rich 1st worlders advocating for this will pony up their own money?

Funny how money is involved so often, eh?