COP 27-World Bank will host facility for climate disaster risk

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

Mr. 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 program to give vulnerable countries access to disaster risk finance and insurance.

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