• 4m Nigerians to benefit from UK’s £95m grants
Germany, however, plans to make funding available based on its Global Shield Against Climate Risks insurance scheme. While there may be space for insurance for some climate costs, loss and damage needs sustainable funding from reliable sources. Last year, at COP26 in Glasgow, UK, low and middle-income countries jointly proposed a Loss and Damage Finance Facility. Wealthy countries rejected this, and instead offered a three-year ‘dialogue’.
Global Campaigns Director at 350.org, Agnes Hall, said: “We welcome the pledges from Austria and Scotland to fund the most vulnerable nations’ responses to unavoidable climate impacts. As Europeans, we have a historic responsibility to provide support and solidarity. MEANWHILE, the World Bank has unveiled a new initiative tagged, ‘Scaling Climate Action by Lowering Emissions’ partnership, aimed at providing grants for verifiable emissions reductions and expanding funding sources for global public goods.
“SCALE offers a key non-fragmented avenue for the global community to take action on climate change. The verifiable emission reductions created by SCALE and similar mechanisms will also be an important step toward building effective carbon credit markets.”
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