Pakistan among first beneficiaries of “Global Shield” fund

• Pakistan listed among the beneficiaries of ‘Global Shield”
• The countries will be funded to combat climate disasters
• Apart from Pakistan, Bangladesh, Costa Rica, Fiji, Ghana, the Philippines and Senegal are on the list

Pakistan has joined the list of the first recipient countries – the beneficiaries of the “Global Shield” initiative by G7 – including Bangladesh and Ghana which will receive funding to combat climate disasters.

The announcement came during the COP27 summit in Egypt on Monday. The program is aimed at providing rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought.

Global Shield has been developed in collaboration with the V20 group of 58 climate-vulnerable economies.

Apart from Pakistan, Bangladesh, Costa Rica, Fiji, Ghana, the Philippines and Senegal are on the list.

It has been demanded by the climate-affected countries that the international community must step forward for the disaster-hit nations.

Earlier, during the COP-27, Prime Minister Muhammad Shehbaz Sharif underscored that vulnerable developing countries such as Pakistan, were already witnessing unprecedented devastating impacts of climate change, even though they have contributed very little to it.

The prime minister briefed the participants on the situation in the flood-hit areas of Pakistan and the actions being taken by the Government for the reconstruction and rehabilitation of flood-impacted areas.

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