COP-27 Climate Summit

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COP-27 Climate Summit

Recently the COP-27 Climate Summit was held in Sharm El Sheikh, Egypt. Two new initiatives have been launched during this conference. Which are the following

In Our LiFEtime” Campaign

The initiative has been launched by the National Museum of Natural History under the Ministry of Environment, Forest and Climate Change and the United Nations Development Programme.

Objective: To encourage youth in the age group of 18 to 23 years to become ambassadors of sustainable lifestyle. Under this, youth will be encouraged to present their climate related work, which is sustainable and expandable.

Global Shield against Climate Risks

  • This is pre-arranged financial assistance. It has been established to address the needs of poor and vulnerable countries facing an increased risk of losses and damages from climate change.
  • It will be supported by the World Bank under the Global Shield Financing Facility.
  • It is launched by G7 and Vulnerably Twenties (V20).

Vulnerable Twenties (V20): V20 is a dedicated collaboration-based initiative for economies that are systemically vulnerable to climate change. It was established in the year 2015 in the city of Lima, Peru.

The G7: An informal bloc of industrialized democracies:

  • It is an inter-governmental organization, which was formed in the year
  • The bloc meets annually to discuss issues of common interest such as global economic governance, international security and energy policy. The G-7 countries are the UK, Canada, France, Germany, Italy, Japan and the US. All the G-7 countries and India are part of the G

Other Climate Funds-

  • Global Environment Facility (GEF): It was established during the 1992 Rio Earth Summit. It is managed by the World Bank. Its purpose is to help developing countries and countries with economies in transition to meet the goals of environmental conventions and agreements.
  • Special Climate Change Fund: It was established in the year 2001. It is managed by the Global Environment Facility (GEF). Its objective is to finance projects related to adaptation, technology transfer, capacity building etc. in all developing countries.
  • Adaptation Fund: It was established in the year 2001. It has been established under the Kyoto Protocol. Its purpose is to finance adaptation projects and programs of developing countries. This will help vulnerable communities in these countries adapt to climate change.
  • Green Climate Fund: It was established in the year 2010. It aims to help developing countries limit greenhouse gas emissions and adapt to climate change.

Source – The Hindu

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