2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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G-20 and V20
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WEF
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UNEP
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G-7 and V20
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Detailed explanation-1: -Q. Which global group announced the ‘Global Shield’ insurance initiative? Notes: The ‘Global Shield’ insurance initiative was officially launched by the G7 and the V20 group of 58 climate vulnerable nations at the COP27 climate summit in Egypt.
Detailed explanation-2: -Loss and damage protection V20The Vulnerable Twenty Group and G7Group of 7, seven major industrial countries jointly launch Global Shield against Climate Risks at COP27.
Detailed explanation-3: -The Global Shield against Climate Risks addresses weaknesses in the financial protection structure in climate-vulnerable economies through pre-arranged finance disbursed before or just after disasters happen.
Detailed explanation-4: -The Global Shield gathers together activities in the field of climate risk finance and preparedness under one roof. Under the Global Shield, solutions to provide financial protection will be devised that can be swiftly implemented if climate-related damages occur.
Detailed explanation-5: -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.