G7 launches climate 'Shield' fund, some countries wary

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SHARM EL-SHEIKH, Egypt, Nov 14 (Reuters) - A G7-led plan dubbed "Global Shield" to provide funding to countries suffering climate disasters was launched at the U.N. COP27 summit on Monday, although some questioned the effectiveness of the planned scheme. Backed by 170 million euros ($175.17 million) in funding from Germany and 40 million euros from other donors including Denmark and Ireland, the Global Shield will in the next few months develop support to be deployed in countries including Pakistan, Ghana, Fiji and Senegal when events occur. German development minister Svenja Schulze said the Global Shield aimed to complement, not replace, progress on loss and damage.