Sign In
Learn bits
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 

More Related Current Affairs View All

17 Sep

Reasons Behind the heavy rain in Uttarakhand, Himachal

'Dehradun and several other districts in Uttarakhand have experienced very heavy rainfall over the past few days, triggering landslides in multiple areas and causing rivers to swel

Read More

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps