Global Shield Against Climate Risks: COP27: Climate vulnerable countries, G7 launch plan for quick loss and damage funding

Source: The post is based on the article “COP27: Climate vulnerable countries, G7 launch plan for quick loss and damage funding” published in Down To Earth on 17th November 2022.

What is the News?

The Global Shield Against Climate Risks has been launched at COP27 in Egypt.

What is Global Shield Against Climate Risks?

Launched by: It is a joint initiative of G7 and V20 

Note: Vulnerable Twenty(V20) is a dedicated cooperation initiative of countries systemically vulnerable to climate change. It was established in 2015 in Lima, Peru.

Purpose: The initiative will provide pre-arranged financial support designed to be quickly deployed during climate disasters.

– The initiative is envisioned as a social protection and insurance-based finance mechanism for loss and damage outside the UNFCCC process.

Funding: World Bank Group has announced a Global Shield Financing Facility to support the Global Shield Against Climate Risks.

Significance: The Global Shield is touted 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.