What is Global Shield Against Climate Risks?
- Launched by: It is a joint initiative of G7 and V20
The Global Shield Against Climate Risks initiative was launched at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Sharm El-Sheikh, Egypt.
Note: Vulnerable Twenty(V20) is a dedicated cooperation initiative of countries
systemically vulnerable to climate change. It was established in 2015 in Lima, Peru.
What are the features of this initiative?
- It is a social protection and insurance-based finance mechanism for loss and damage outside the UNFCCC process.
- It will provide pre-arranged financial aid that can be rapidly deployed to respond to disasters like the devastating flood that occurred in Pakistan in August 2022.
- It will help expand the financial protection instruments for governments, communities, businesses and households.
- It will minimise the impacts of disasters by helping vulnerable economies become more resilient, ensure sustainable development and protect lives and jobs.
What is the Significance of this initiative?
The Global Shield is tout to expand financial protection instruments for governments, communities, businesses and households.
– Such instruments can lessen the impact of disasters by making vulnerable economies resilient, safeguarding sustainable development and protecting lives and livelihoods.
Who are the first Beneficiaries of this initiative?
Pakistan, Ghana and Bangladesh will be among the first recipients of funding from a G7 ‘Global Shield’ initiative to provide funding to countries suffering climate disasters.
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