Climate disaster aid scheme 'Global Shield' launched at COP27

Climate disaster aid scheme 'Global Shield' launched at COP27

Daily Current Affairs   /   Climate disaster aid scheme 'Global Shield' launched at COP27

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Category : International Published on: November 16 2022

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  • A G7-led plan dubbed "Global Shield" to provide funding to countries suffering climate disasters was launched at the U.N. COP27 summit.
  • The Global Shield plan is coordinated by Germany and the V20 group of climate-vulnerable nations. 
  • The V20, which stands for the Vulnerable Twenty Group of Ministers of the Climate Vulnerable Forum, is a dedicated cooperation initiative of economies systematically vulnerable to climate change, and works through dialogue and action to tackle global climate change.
  • Coordinated by Group of 7 president Germany and the V20 group of climate-vulnerable countries, it aims to rapidly provide pre-arranged insurance and disaster protection funding after events such as floods, droughts and hurricanes hit.
  • The G7 is an intergovernmental political forum consisting of seven of the world's advanced economies, including the United States, the United Kingdom, Canada, France, Germany, Italy and Japan. 
  • The European Union is a 'non-enumerated member'. Germany is the President of G7.
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