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G7 Nations established Climate Shield Fund

G7 Climate Shield Fund: G7 Nations established a climate shield fund, aiming to swiftly offer pre-arranged insurance and catastrophe protection financing after calamities like floods, droughts, and storms strike. The Global Shield Fund is organised by the G7’s president Germany and the V20 group of climate-vulnerable countries.

G7 Climate Shield Fund: About

  • At the U.N. COP27 summit, a G7-led initiative called Global Shield to provide funding to nations experiencing climate disasters was unveiled, though some questioned the plan’s viability.
  • The Global Shield will prepare support to be deployed in nations including Pakistan, Ghana, Fiji, and Senegal when events occur, with funding of 170 million euros ($175.17 million) from Germany and 40 million euros from additional contributors including Denmark and Ireland.
  • However, some nations and campaigners were cautious, worried that it might hurt efforts to secure a significant agreement on financial assistance for what is known as “loss and damage” – the U.N. jargon for irreparable damage caused by global warming.

G7 Climate Shield Fund: Alarming Situation

  • According to some studies, by 2030, vulnerable nations may experience “loss and damage” from climate change totaling $580 billion annually.
  • Svenja Schulze, Germany’s development minister, stated that the Global Shield was meant to supplement rather than replace loss and damage progress.
  • Avoiding formal negotiations on loss and damage funding arrangements here is not a technique, according to Schulze. “Global Shield isn’t the only answer to damage and loss. Definitely not. A wide range of solutions are required.
  • The establishment of the Global Shield, according to Ghana’s finance minister Ken Ofori-Atta, who also serves as chair of the V20 group of vulnerable nations, is “far overdue.”

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