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Ecology & Environment
Mahesh

16/11/22 05:51 AM IST

Global shield against climate risks for loss and damage launched

In News 
  • The Global Shield Against Climate Risks initiative was launched on November 14, 2022 by the Vulnerable Twenty (V20) countries and G7 countries.
About the Initiative 
  • The Global Shield Against Climate Risks initiative was launched at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Sharm El-Sheikh, Egypt.
  • It is a social protection and insurance-based finance mechanism for loss and damage outside the UNFCCC process.
  • It will provide pre-arranged financial aid that can be rapidly deployed to respond to disasters like the devastating flood that occurred in Pakistan in August 2022.
  • It will help expand the financial protection instruments for governments, communities, businesses and households.
  • These instruments will minimise the impacts of disasters by helping vulnerable economies become more resilient, ensure sustainable development and protect lives and jobs.
Implementation of the Initiative 
  • The initiative will be implemented in a way that it aligns with the vulnerable country’s financial and economic strategies so that the financing gaps are removed.
  • This initiative will support countries in ensuring livelihood protection, social protection systems, livestock and crop insurance, property insurance, business interruption insurance, risk-sharing networks and credit guarantees. 
  • Pakistan, Bangladesh, Costa Rica, Fiji, Senegal, Philippines and Ghana will be the first to receive assistance under this initiative.
  • The initial contributions for this initiative are provided by Germany, Denmark, Ireland and Canada.
  • The US, which is also part of this initiative, is providing funding for the African Risk Capacity – an insurance and disaster risk solutions company.
Source- DTE 

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