As world leaders meet in the UAE this week for the annual COP climate conference, Ernst Rauch, Chief Meteorologist at European reinsurance giant Munich Re, has said that the United Nations is right when it says that climate action can’t wait.
“With COP28 starting this week, what can be looked at with a critical eye is that the momentum of action has been far too slow,” said Rauch.
As noted by Rauch, one of the key achievements of the annual climate conference is that it brings together almost 200 world leaders to agree that climate change is a problem that is manmade.
“With all the conflicting interests that heads of states have around their own economic challenges, pressures and business models – this is in and of itself an achievement,” added Rauch.
During last year’s COP27 event, the Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) launched the Global Shield against Climate Risks. It’s an initiative for pre-arranged financial support designed to be deployed during climate disasters.
The Global Shield initiative is one of the resolutions Rauch is keen to see progress on at this year’s COP conference.
“It is the most substantial funding initiative for loss and damage to date. It seeks to enhance insurance protection for at-risk nations and communities, building on projects like the InsuResilience Global Partnership and joint activities.
“The kick-off for Global Shield at COP27 was good, and it’s certainly going in the right direction, progress has been rather limited to date. So, I’m especially looking forward to the outcomes that will be reported over the next weeks,” said Rauch.
Ahead of COP28, the board of the V20 and G7 initiative Global Shield against Climate Risks met virtually on November 15th, where Co-Chair Dr. Bärbel Kofler, stressed that “concrete solutions for how to support marginalized people and particularly vulnerable countries in dealing with loss and damage from climate change are needed more than ever.”
Further, the Insurance Development Forum (IDF) Sovereign and Humanitarian Solutions (SHS) Working Group has noted that next year, it aims to consolidate Tripartite Programme gains as it continues on its mission to reduce the protection gap.
