● Launched by: G7 and Vulnerably Twenties (V20) launched at COP 27, Sharm El-Sheikh.
● It is pre-arranged financial support that established for the needs of poor and vulnerable countries facing increasing risks of losses and damages from climate change.
● It is a social protection and insurance-based finance mechanism for loss and damage outside the UNFCCC process.
● It will be supported by the World Bank under Global Shield Financing Facility.
● Pakistan will be among the first recipients of funding from the G7 ‘Global Shield’ initiative.
● V20 is a dedicated cooperation initiative of economies systemically vulnerable to climate change.It was established in 2015 at Lima,Peru
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