Climate disaster aid scheme 'Global Shield' launched at COP27

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.