Germany's climate envoy said in an interview that global financial institutions need a revamp to better fight climate change, which requires leaders who understand the science, amid a fray over the views of World Bank chief David Malpass.
, who led Greenpeace International before joining Germany's Greens-run foreign ministry, come after Malpass last month declined to say he supported the scientific consensus on climate change.
Financial institutions could help tackle the sensitive issue of compensation for economic losses and damages due to climate-induced extreme weather events, Morgan said. The issue is contentious, as lower-income and climate-vulnerable countries are seeking concrete answers while industrialised nations are wary of creating a fund because of the liabilities they may face.
Germany itself was leading a G7 initiative to create a "global shield against climate risks" to help communities in vulnerable countries recover faster from disasters, she said. This would tailor support to countries and match them with finance, insurance and technical mechanisms.
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