G7 launches climate ‘Shield’ fund

G7 launches climate ‘Shield’ fund : The G7 nations has launched a plan named ‘Global Shield’ at the 27th UN Climate Change Conference on November 14, 2022. A G7-led plan dubbed “Global Shield” to provide funding to countries suffering climate disasters was launched at the U.N. COP27 summit on Monday, although some questioned the effectiveness of the planned scheme.

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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.

Backed by 170 million euros ($175.17 million) in funding from Germany and 40 million euros from other donors including Denmark and Ireland, the Global Shield will in the next few months develop support to be deployed in countries including Pakistan, Ghana, Fiji and Senegal when events occur.

It is coordinated by Germany and the V20 group. The V20 refers to the Vulnerable Twenty Group of Ministers of the Climate Vulnerable Forum.