Q. Which global group announced the ‘Global Shield’ insurance initiative?
Answer:
G-7 and V20
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.
Germany will provide USD 172 million to the initiative to help low-income and vulnerable countries to rebound in the event of climate calamities. Countries like Canada, Ireland and Denmark have so far pledged a further €40 million to the initiative. The US President also announced to support the initiative.