G7 Nations Launched Climate ‘Shield’ Fund

Sakshi Education

Global Shield Fund coordinated by G7’s 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.
A G7-led plan dubbed “Global Shield” to provide funding to countries suffering climate disasters was launched at the U.N. COP27 summit, although some questioned the effectiveness of the planned scheme.
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.
Ghana’s finance minister Ken Ofori-Atta, who chairs the V20 group of vulnerable countries, called the creation of the Global Shield “long overdue”.

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