G7 nations launched climate ‘Shield’ fund: A strategy was planned by G7 Nations to provide funds to the countries that are suffering from various climate disasters. It was decided at the U.N. COP27 summit on Monday and the name “Global Shield” was entitled to it. Many are raising questions about the proposed scheme and talking about its effectiveness.
G7 nations launched climate ‘Shield’ fund: Highlights
Here, we have provided the highlights of the news G7 Nations launched climate shield fund:
- The summit was coordinated by the current president of the G7 Group Nations, Germany and the V20 Group of climate vulnerable countries.
- Germany has donated 170 million euros ($175.17 million) and 40 million euros have been funded by countries like Denmark and Ireland.
- In the coming few months Global Shield will be employed in countries like Pakistan, Ghana, Fiji and Senegal when any such event takes place.
- German Development Minister Svenja Schulze stated that Global Shield is not only the single solution and further wide range of solutions are required for such loss and damages.
- Many researchers have said that by 2030 vulnerable countries will have to impart $580 billion per year to the loss and damages made by the climate.
- The V20 Group of vulnerable countries is being headed by Ghana’s finance minister Ken Ofori-Atta and he mentioned this global shield as a “long overdue”.
What is Climate Shield Fund?
Climate Shield is the fund that will be given to countries after any disaster such as flood, drought, hurricane, etc. hit the nation. Through this pre-arranged insurance and disaster protection funding will be provided to the affected nations by the G7 Countries. Global Shield will act as a complement for any loss or damage.
G7 is an intergovernmental organization that was established in 1975 after the oil prices increased by OPEC countries. G7 includes a group of 7 economically developed countries which are mentioned below:
- The United Kingdom
- The United States
UN COP 27
COP 27 is the is the 27th United Nations Climate Change Conference or the Conference of the Parties of the UNFCCC is being held from 6th November 2022 till 18th November 2022. The event is being organized in Sharm El Sheikh, Egypt. Since the first UN Climate Agreement in 1992 the summit is being conducted annually. For the year 2022 the summit is being presided by Egyptian Minister of Foreign Affairs Sameh Shoukry and the heads of more than 90 states, 35,000 representatives of 190 countries are estimated to attend the meeting.